There’s been much to celebrate recently for Tesla chief executive Elon Musk: the birth of his seventh child X Æ A-12 Musk, the reopening of Tesla’s factory in Fremont California, the launch of the Model Y, and the prospect this weekend that SpaceX might become the first private space company to launch astronauts into orbit.
However, that’s not the only piece of good news for our Elon. Via Laura Feinder and Lora Kolodny at CNBC:
Tesla confirmed that CEO Elon Musk earned the first tranche of his massive incentive payout, in a document filed with the Securities and Exchange Commission on Thursday.
The tranche is comprised of about 1.7 million shares of Tesla, and would be valued around $775 million based on Thursday’s closing market value. Shares in Tesla closed at $805.81 on Thursday, and the options have a strike price of $350.02.
In case you’ve forgotten, Tesla’s board agreed to Musk’s compensation plan back in 2018 and, if all goes well, it means Musk can earn up to $50bn in Tesla share options if the company’s market capitalisation hits $650bn, and if 12 out of 16 targets linked to revenue and adjusted ebitda growth are met.
Egregious? Probably. But that’s the true value of saving the world from big oil, big government, big unions, fake news, and short-sellers.
Yet Tesla shareholders may also want to consider this: if you sum the net income from all of the electric carmaker’s profitable quarters dating back to the fourth quarter of 2008, you’ll find that the company has made just $748m, according to S&P Capital data.
(And that’s when profits have been in the black. The total losses are some $6.9bn.)
$775m of options in exchange for $748m of profits? Sounds like a good deal to us.
"congratulations" - Google News
May 29, 2020 at 06:21PM
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Congratulations Elon, you’ve earned it - FT Alphaville
"congratulations" - Google News
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