Elon Musk set for $2.1 billion payday – report
Tesla CEO in line to receive billions of dollars in stock options, thanks to the company's soaring valuation.
Founder and CEO of Tesla, Elon Musk, is set to receive a bonus package worth almost US$2.1 billion (AU$2.94 billion) due to the car company's recent performance, according to news agency Reuters.
With Tesla successfully reaching a number of milestones in recent months – most notably overtaking Toyota to become the world's most valuable automaker – Musk will have the option of buying 1.69 million shares of Tesla at US$350.02 each.
At the time of writing, Tesla shares were worth approximately US$1570 each, having risen more than 500 per cent over the past year.
The bonus is linked to predetermined achievements related to the company's financial growth.
Despite not receiving a salary from Tesla, this is the second such bonus Musk has secured this year. In May, Musk received a stock options package worth US$700 million at the time – that bonus is now also worth nearly US$2.1B also.
Despite the current global pandemic, Tesla is expected to report four quarters of consecutive profit, making the electric vehicle company eligible for inclusion on the S&P 500.
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