Elon Musk is known to be an eccentric tech billionaire that has helped brands like Tesla and SpaceX reach new heights (literally).?
However, in case you didn¡¯t know, he doesn¡¯t really earn a salary working for these companies.?
Instead what he has is an incentive-based compensation structure where a certain financial milestone makes him eligible for a bonus of sorts. And a recent report by CNBC has revealed that he was awarded $775 million.
The report cites Tesla¡¯s filing with the Securities and Exchange Commission that confirmed that Musk¡¯s first tranche of incentive payout was handed out. The tranche consisted of around 1.7 million Tesla shared that as per their current value, amount to a whopping $775 million.?
Tesla¡¯s document filed with SEC states, ¡°As of the date of this proxy statement, one of the 12 tranches under this award has vested and become exercisable, subject to Mr. Musk¡¯s payment of the exercise price of $350.02 per share and the minimum five-year holding period generally applicable to any shares he acquires upon exercise.¡±
As per the CNBC report, Musk received the incentive after Tesla¡¯s market capitalisation has been at $100 billion on a ¡®30-day and six-month trailing average.¡±
Just to put things into perspective, Musk has surely levelled up brilliantly. Looking nearly a decade ago in 2012, Tesla¡¯s market value was somewhat around $4 billion, which is cool but nowhere close to the $100 billion mark that it has able to reach today.?
Moreover, Tesla¡¯s stock value has been going up like crazy this year. In the first two weeks of 2020, the value was up almost 25 percent.?
Elon Musk¡¯s SpaceX is now gearing up for the launch to the International Space Station -- the first launch in nine years of American astronauts, on an American spacecraft from the American soil.?
The earlier launch scheduled for Wednesday got scrubbed due to poor weather conditions. The launch is now expected to be conducted on Saturday, at exactly 3:22 PM Eastern Time.?