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Wan LixinOpinion deputy editor of Shanghai Daily
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Bonanza for Musk as Tesla passes US$1t
Print Edition
The surge in Tesla Inc’s stock market value beyond US$1 trillion on Monday is a double bonanza for Chief Executive Elon Musk, the electric carmaker’s largest shareholder.
The stock rallied 12.7 percent on news that Tesla landed its biggest-ever order from rental car company Hertz.
With Tesla’s stock at a record high close of US$1,024.86, Musk’s 23 percent stake in the newly minted trillion-dollar company is now worth about US$230 billion, according to Refinitiv.
That stake includes options worth over US$50 billion that have vested under Musk’s 2018 compensation package.
In addition, Musk is a major shareholder and CEO of rocket maker SpaceX, a private company worth US$100 billion as of an October secondary share sale, CNBC reported.
Musk receives no salary at Tesla: his pay package provides 12 options tranches that vest when Tesla’s market capitalization and financial growth hit a series of rising milestones. The options let Musk buy Tesla shares at US$70 each, a discount of more than 90 percent from their current price.
Last week, Tesla reported adjusted earnings before interest, taxes, depreciation and amortization of US$3.2 billion, up 77 percent year on year. Tesla’s six-month average stock market valuation is over US$650 billion.
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