Tesla’s chief executive Elon Musk will receive more than $50bn in compensation if the electric carmaker meets extremely ambitious targets that see its shares rise 12-fold and the business turn a substantial profit.
A new 10-year pay deal will mean Mr Musk will receive no salary or bonus, only Tesla shares that he will collect in 12 instalments, each one unlocked by a rise in the company’s value as well as meeting other milestones on revenue and earnings.
To hit the maximum payout, Mr Musk will need to raise the company’s value to $650bn from $59bn today, making it one of the most valuable companies in the world, and either raise sales to $175bn or profits to $14bn.
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