Elon Musk unlocks $2.1 billion bonus

Tesla CEO Elon Musk is reaping the rewards of his largest-ever ($55 billion) options program, which seemed as generous as it was unattainable back in 2018. The billionaire has been granted access to a second option tranche after the company's six-month moving average capitalization exceeded its $150 billion target, reported . Bloomberg

That means Musk is getting 1.69 million options at a fixed price of $350.02. At current prices of $1,570 per share, Musk's theoretical profit from their sale would be $2.1 billion. But his contract stipulates a waiting period of at least five years.

his first option package Musk received only in May, when Tesla reached a semi-annual market capitalization of $100 billion. Since then, the company's capitalization has more than doubled: now it is worth more than Toyota, Volkswagen and Hyundai combined.

The condition for Musk's third tranche is Tesla's mid-cap growth to $200 billion and either $35 billion in revenue or $3 billion in EBITDA for four consecutive quarters.

• After a record rise in quotes on Monday, Musk ranked fifth in the world in terms of wealth (according to Forbes) - his fortune increased by $5.1 billion in a day. On July 10, Musk overtook Warren Buffett: on that day, the industrialist's fortune increased by $6.1 billion

• , the entrepreneur needs to grow Tesla’s capitalization to $650 billion. Musk’s compensation package consists of 20.3 million stock options, divided into 12 tranches, with a total value of $55 billion. To receive all tranches one of the toughest in the world.

• During the coronavirus crisis, Tesla deliveries were down just 4.8% from the second quarter of last year. The company does not have a dealer network, it did not have to close offline stores due to the pandemic, it delivers cars to your home. The company also announced a 10-30% reduction in employee salaries and lowered car prices in North America and China in order to maintain demand. This should allow the company to show profit for the fourth quarter in a row.

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