Elon Musk may add another $ 32.4 billion in Tesla shares to his fortune

Published:

May 2, 2021 09:28 GMT

The entrepreneur will get an additional $ 10.8 billion when the company hits other goals soon.

Tesla founder Elon Musk could raise an optional $ 32.4 billion payment in company shares after Tesla reached nearly half of its set targets three years ago, it said. Wall Street Journal.

In 2018, Tesla’s board of directors updated the terms of the Musk rewards package, linking it to key market value achievement, earnings, and sales targets.

They also decided that the business owner would not receive guaranteed payments for his work for 10 years, but could count on stock options, equivalent to 1% of the company’s total outstanding securities.

On Friday, Tesla published a report announcing that it had achieved six of 12 operating goals, two of which were related to revenue. In addition, the company achieved 11 of its 12 market cap targets, by setting it at $ 100 billion and then increasing it in steps from $ 50 billion to $ 650 billion.

Tesla shares closed that day at $ 709.44, and Musk could soon target another $ 10.8 billion when his company reaches its next stages.