As Tesla cuts pay and furloughs workers, Elon Musk has landed a $700 million payout
Tesla stock plummeted in mid-March with the rest of the stock market, but has since more than doubled. With the share price closing at $768.21 on Tuesday, the electric carmaker’s six-month and 30-day market cap averages now exceed $100 billion, according to data from S&P Global Capital IQ — the last target Musk needed to hit in order to receive the first tranche of the package.
Musk had already fulfilled the other two targets, relating to Tesla’s revenue and adjusted profits. He will receive 1.69 million Tesla options from the company’s board, at an exercise price of $350.02 a share. The value of the options before taxes is $706 million at today’s share price. ’ estimate. According to the most recent quarterly report, he must hold onto any acquired shares for at least five years. Tesla did not respond to a request for comment.
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