Tesla is making Elon Musk a lot richer without paying him a dime.
FILE PHOTO: Tesla Inc CEO Elon Musk attends the World Artificial Intelligence Conference in Shanghai, China August 29, 2019. REUTERS/Aly Song
The controversial chief executive, who is also the majority owner and CEO of rocket maker SpaceX, recently testified that he did not have a lot of cash as he successfully defended himself in a defamation lawsuit. He previously has taken loans using his Tesla shares as collateral. Tesla shares have climbed about 400% since early June, helped by the company’s better-than-expected financial results and ramped-up production at its new car factory in Shanghai.
The options Musk was awarded in 2018 vest incrementally based on targets for Tesla’s stock market value and its financial performance. The market capitalization would have to sustainably rise by $50 billion increments over the agreement’s 10-year period, with the full package payout reached if the market cap reaches $650 billion, as well as the company’s meeting revenue and profit targets.
Tesla was valued at about $52 billion when shareholders approved the pay package in March 2018, a time when the company faced a cash crunch, production delays and increasing competition from rivals.
Brasil Últimas Notícias, Brasil Manchetes
Similar News:Você também pode ler notícias semelhantes a esta que coletamos de outras fontes de notícias.
Elon Musk is recruiting for Tesla: I 'don't care if you even graduated high school'Elon Musk is recruiting for his AI team at Tesla, and he says education is 'irrelevant.' The team members will report 'directly' to Musk and 'meet/email/text' with Musk 'almost every day.' Musk will also throw a 'super fun' party at his house with the Tesla artificial intelligence and autopilot teams.
Consulte Mais informação »
Elon Musk is as if 'Thomas Edison and Henry Ford made a baby,' analyst says as Tesla stock soarsMorgan Stanley analyst Adam Jonas gave Tesla's Elon Musk high praise on Tuesday.
Consulte Mais informação »
Harvard professor: Elon Musk once told me to 'get out' during a meeting—here's how I won him overThe meeting was about to end disastrously — until Harvard professor Laura Huang did something out of the blue ... that somehow humored Tesla founder Elon Musk beyond belief.
Consulte Mais informação »
Elon Musk announced he's hosting a 'super fun AI party' hackathon at his house next month - Business InsiderThe announcement appears to be part of a wider drive to bolster Tesla's autonomous driving division, responsible for its Autopilot feature.
Consulte Mais informação »
China's CATL signs battery supply agreement with TeslaChina's top electric vehicle battery maker CATL said on Monday ...
Consulte Mais informação »
Latest loss by Tesla shorts: $2.5 billion on Monday aloneTesla Inc. stock’s 20% jump on Monday costs short sellers $2.5 billion, according to a a financial technology and analytics firm.
Consulte Mais informação »