Elon Musk nears $346 million payday as Tesla market value soars
SAN FRANCISCO - Tesla Inc Chief Executive Elon Musk is coming close to earning the first $346 million tranche of options in a record-breaking pay package, after the electric vehicle maker’s stock more than doubled in the last three months.
A full payoff for Musk, who is also the majority owner and CEO of the SpaceX rocket maker, would surpass anything previously granted to U.S. executives, according Institutional Shareholder Services, a proxy advisor that recommended investors reject the pay package deal at the time. Musk’s potential payout compares to the $638 million received by Snap Inc founder Evan Spiegel in 2017 after the social network company’s initial public offering. In 2018, Walt Disney CEO Robert Iger earned stock grants worth as much as $149.6 million, including awards related to Disney’s purchase of film and television assets from Twenty-First Century Fox.Musk has transformed Tesla from a niche car maker with production problems into the global leader in electric vehicles, with U.S.
Tesla was valued at about $53 billion when shareholders approved the pay package in January 2018 and faced a cash crunch, production delays and increasing competition from rivals. It was viewed as massively ambitious because it implied the company’s value could grow as much as ten-fold in 10 years.
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