Elon Musk wins first prize at Tesla for fulfilled condition

Elon Musk wins first prize at Tesla for fulfilled condition

May 7, 2020 0 By autotimesnews

Tesla CEO Elon Musk won the first prize in the company, as Tesla’s average market capitalization was $ 100 billion over the past six months, Bloomberg writes.

Thus, the company’s capitalization has reached the threshold necessary for Elon Musk to receive his first reward.

Elon Musk receives a salary in Tesla not with money, but with binary options. Depending on the fulfillment of the stipulated condition, this tool either brings a premium or does not bring anything.

Three other conditions for obtaining the first Mask option were fulfilled earlier: the company’s average market value of $ 100 billion over 30 days, $ 20 billion in revenue and $ 1.5 billion in profit before certain adjustments.

The reward Mask consists of 20.3 million stock options, divided into 12 parts. The conditions for obtaining options depend on the growth of the company’s capitalization. It is noted that the full compensation package Mask is the largest corporate transaction in history concluded between the CEO and the board of directors. If the Mask succeeds in fulfilling all its goals, it will earn more than $ 50 billion.

As the first prize, Musk obtained the right to unlock 1.69 million shares at a price of $ 350.02 per share. At the close of trading on Tuesday, May 5, Tesla shares were trading at $ 768.21. Thus, the value of the options of the Mask is $ 706 million.

Recall that on May 1, Elon Musk collapsed Tesla’s capitalization by $ 14 billion by writing on Twitter that his company’s shares are too expensive.