General
Elon Musk qualifies for $14 billion options payout after Tesla quarterly report
Tesla’s quarterly report has hit targets qualifying chief executive Elon Musk for two options payouts worth a combined $US11 billion ($14.1 billion).
Key points:
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Mr Musk receives no salary at Tesla, and his pay package requires Tesla’s market capitalisation and financial growth to hit a series of rising targets
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He now has the option to buy 8.4 million Tesla shares at $US70 each ($89), a discount of more than 90 per cent from their current price
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In its quarterly report after the bell, Tesla said it incurred an expense of $US299 million ($371 million) related to Musk’s pay package
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