Tesla’s Elon Musk qualifies for $11 billion options payout
By Noel Randewich
(Reuters) – Tesla’s quarterly report on Monday hit targets qualifying Chief Executive Elon Musk for two options payouts worth a combined $11 billion.
The electrical automotive maker beat Wall Street’s expectations for first-quarter earnings and income, boosted by report deliveries, sturdy demand from China and environmental credit score rating product sales.
It reported quarterly earnings of $10.39 billion and adjusted earnings sooner than curiosity, taxes, depreciation and amortization (EBITDA) of $1.84 billion, surpassing milestones that set off the vesting of the fifth and sixth of 12 tranches of options granted to Musk in his 2018 pay bundle to buy discounted Tesla shares. (Graphic of options payout) https://tmsnrt.rs/3sW7Xrv
Musk, who generally is a important shareholder and CEO of rocket maker SpaceX, receives no wage at Tesla. His pay bundle requires Tesla’s …