(Reuters) – Tesla Chief Executive Elon Musk appeared to qualify on Monday for a $700 million payday, just three days after he said the electric car company’s stock price was too high.
FILE PHOTO: Tesla Inc CEO Elon Musk speaks at an opening ceremony for Tesla China-made Model Y program in Shanghai, China January 7, 2020. REUTERS/Aly Song/File Photo
Shares of Tesla Inc (TSLA.O) jumped more than 8% on Monday, putting Tesla’s market capitalization at $141.1 billion at the close. More importantly for Musk, Tesla’s stock market value reached a six-month average of $100.2 billion, according to an analysis of Refinitiv data.
Hitting a six-month average of $100 billion triggers the vesting of the first of 12 tranches of options granted to the billionaire to buy Tesla stock as part of a pay package agreed in 2018. Musk has already met two other requirements by hitting a growth target and far exceeding a one-month average $100 billion market cap.
Each tranche gives Musk the option to…
Source Reuters Tech News
Source link
