This is a big week for Tesla's CEO. First because its other company SpaceX tried to launch the first manned flight to the ISS, which due to weather conditions was postponed to Saturday. And now Elon Musk may be about to receive a ‘small fortune’ from the electric vehicle brand.
Although it does not have a monthly contract, the Musk contract at Tesla assumes that it receives depending on whether certain financial goals are achieved. In this sense, the CEO may receive about $ 769 million from the company.
Elon Musk may receive 769 million from Tesla
Musk's contract at Tesla is a little different. Instead of receiving a monthly salary, the CEO's remuneration depends on several established financial goals. And if these are reached, they give Elon Musk the right to receive 1.69 million shares of the company.
At the end of this Thursday, May 28, Tesla released a communication sent to the United States Securities and Exchange Commission (SEC) where there is an indication that the company has achieved its first objective.
In wake up with the statement:
In the cream of this document, one of the most important steps relating to revenue of $ 20 billion and a market capitalization of $ 10 billion has been achieved and certified by the board of directors.
Thus, this result can yield Elon Musk up to 769 million dollars, that is, about 690 million euros. This means that the CEO can receive from Tesla 1.69 million shares, at around $ 350.02 each, which corresponds to 314 euros per share.
On Thursday, Tesla shares closed at $ 805.81 each. But Elon Musk has the option to buy more than 1.6 million shares at the lowest price.
Musk is also the largest individual shareholder of the brand, holding 18.5% of the entire company.