Tesla boss Elon Musk does not receive a regular salary - but benefits when the group meets certain requirements. Now it seems to be so far.
- The US electric car maker Tesla made good profits before the Corona crisis .
- A special compensation plan applies to Tesla boss Elon Musk .
- The Board of Directors has now announced that an "important threshold" has been reached.
Palo Alto - Elon Musk currently has little reason to complain. The head of the Tesla electric car group recently had trouble with the US authorities in the corona crisis * - contrary to the pandemic , he wanted to restart production at the Tesla plant in California . But in early May he had a child with Canadian singer Claire Elise Boucher aka Grimes . And now he can look forward to a huge win .
How To Pronounce Elon Musk's And #Grimes' Baby's Name - X Æ A-Xii https://t.co/gDxqI2STif
Celebrity News #ElonMusk # XÆAXii #Celebrity pic.twitter.com/maqyn2oqhz
The Tesla founder does not have a salary paid out, but receives more shares in his company if successful. "2019 was a record year," the board of directors said on Thursday: Musk will therefore have access to a share package that would currently give him just under $ 775 million in profit on paper. The founder already owns 18.5 percent of the company.
More about Musk's parenting in the video: Grimes - "Yes, he is the father"
Tesla boss Elon Muska: mega compensation plan over $ 775 million
The compensation for the boss was regulated in 2018: Musk received 20.3 million Tesla shares for his work over a period of ten years , divided into packages . He will receive these packages little by little if the market value , production , delivery , sales and profits each exceed certain thresholds.
In a message to the US stock exchange regulator, the board of directors now announced that the first threshold had been reached, Musk would receive a first package with 1.69 million shares. That is one percent of the company.
The founder can buy the 1.69 million shares at the 2018 agreed price of $ 350.02 each - if he were to sell them again, the profit would be considerable: On Thursday, Tesla's shares were sold on Wall Street in New York for 805, Traded $ 81. The profit would be $ 774.84 million. However, the announcement to the stock exchange regulator continues that Musk must hold the shares for at least five years.
Compensation for Tesla founder Elon Musk: "Important threshold" reached.
The compensation agreement defines twelve thresholds that Tesla is to achieve. In 2028, the market value is expected to be around $ 650 billion. Tesla has now reached the "important threshold" of $ 20 billion in annual sales and $ 100 billion in market value, as the Board of Directors said in a letter to the regulator.
Musk is also the founder of the private space company SpaceX * . A mission to the International Space Station should start on Wednesday ; it was postponed to Saturday due to bad weather.
dpa / AFP / frs
* Merkur.de is part of the nationwide Ippen-Digital editors network.