Musk is mighty close to a nice payout.<\/p>\n
Tesla has a lot going for it right now. It made a splash with the debut of the Cybertruck, it booked a surprise profit in the third quarter of 2019 and it delivered a record number of cars in 2019. All of this has made the electric carmaker's stock price a rosy thing on Wall Street.<\/p>\n
And with the record stock price, CEO Elon Musk inches closer to payday, Reuters reported Tuesday. Following a jump of 9% on Monday, Tesla's market value was 6% shy of the $100 billion value needed to deal out Musk's first portion of the pay package. The CEO would earn $346 million as part of an aggressive pay package agreed to in 2018.<\/p>\n
If Tesla reaches the $100 billion mark, the figure will need to hold steady for a one-month and six-month average. Only then will it trigger the first of 12 agreed-to payouts that would award Musk $346 million in Tesla stock. Reuters reported Musk has already achieved an operational target required to unlock the vesting period.<\/p>\n
The continued plan is still incredibly aspirational. Tesla's market value would need to continue climbing by $50 billion each year for 10 years to earn the full payout package. If Musk were to lead Tesla and achieve more revenue and profit target, all the while commanding a $650 billion market value, the CEO would earn even more.<\/p>\n
Back in 2018 when Musk's pay package was approved, Tesla was worth $53 billion. Right now, it hovers around $90 billion. We'll know more about how close Musk will get when the automaker reveals its fourth quarter earnings in the near future.<\/p>\n
Now playing: Watch this: Tesla Cybertruck: First ride in the pickup of the future <\/p>\n
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Tesla's Elon Musk approaches $346M payout as market value soars - CNET<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" Musk is mighty close to a nice payout. Tesla has a lot going for it right now. Continue reading