Musk needs to reach four more milestones for a $1.4bn windfall
The Tesla founder got 5.27-million stock options in 2012, tied to value targets; Musk has until 2022 to reach the final targets and cash in
New York — Only six remaining milestones stand between Tesla’s Elon Musk and an estimated $1.4bn windfall for the car maker’s billionaire CEO. Musk, who was awarded 5.27-million stock options in 2012 tied to Tesla operational and market-value targets, has achieved six of the 10 operational goals to date, up from five at this time last year, according to a proxy statement filed on Thursday. The car maker has also met eight of the 10 market-value milestones, up from seven last year, the filing shows. Musk has until 2022 to reach the goals that trigger the pay-out, but he could cash in the options sooner if the company hits targets ahead of schedule. They are worth an estimated $1.4bn as of Thursday’s close, Bloomberg calculations show. That would be quite a pay-day for the enigmatic Tesla chief who has never accepted his nominal salary. Musk earns one-tenth of the options every time Tesla hits a pair of goals — one tied to its market value and another to the company’s operations. Tesl...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.