Tesla founder set to earn billions of dollars

Elon Musk is in line for a profit of approximately USD 23bn after triggering options tranches.

BY MARKETWIRE, TRANSLATED BY CHRISTOFFER ØSTERGAARD

Tesla founder and CEO Elon Musk, who is already the richest person in the world, is set to reap benefits worth a total of USD 23bn, writes Reuters, according to Danish media Berlingske Business.

With the release of Wednesday’s quarterly results, which surpassed analyst expectations, Musk scored a hat trick after reaching performance targets that trigger three tranches of options.

Each of these gives Musk an option to buy 8.4 million Tesla shares at USD 70.1 a piece, which is significantly lower than the closing price of USD 977.20.

The difference between the purchase price awarded to Musk and the going sales prices allows Musk to earn USD 23bn.

Musk doesn’t receive a salary from Tesla, but is instead remunerated on the basis of bonus schemes. Formally, the board must first approve the compensation for Musk.

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