Advertisement
UK markets closed
  • FTSE 100

    7,952.62
    +20.64 (+0.26%)
     
  • FTSE 250

    19,884.73
    +74.07 (+0.37%)
     
  • AIM

    743.26
    +1.15 (+0.15%)
     
  • GBP/EUR

    1.1697
    +0.0003 (+0.03%)
     
  • GBP/USD

    1.2614
    -0.0008 (-0.07%)
     
  • Bitcoin GBP

    55,266.73
    -638.53 (-1.14%)
     
  • CMC Crypto 200

    885.54
    0.00 (0.00%)
     
  • S&P 500

    5,254.35
    +5.86 (+0.11%)
     
  • DOW

    39,807.37
    +47.29 (+0.12%)
     
  • CRUDE OIL

    83.11
    -0.06 (-0.07%)
     
  • GOLD FUTURES

    2,254.80
    +16.40 (+0.73%)
     
  • NIKKEI 225

    40,369.44
    +201.37 (+0.50%)
     
  • HANG SENG

    16,541.42
    +148.58 (+0.91%)
     
  • DAX

    18,492.49
    +15.40 (+0.08%)
     
  • CAC 40

    8,205.81
    +1.00 (+0.01%)
     

Tesla's Musk earns $770M in stock options, company confirms

Its been quite a week for Tesla CEO Elon Musk.

Its a week in which his aerospace company SpaceX is scheduled to make history with the company's first manned rocket launch, Musk also saw his net worth soar.

GET FOX BUSINESS ON THE GO BY CLICKING HERE

SpaceX's first launch attempt on Wednesday was postponed due to bad weather. It has been rescheduled for Saturday.

To cushion the blow from that delay, Tesla confirmed Thursday that Musk will get the first payout worth nearly $770 million of a his stock-based compensation package.

NASA-SPACEX LAUNCH POSTPONED TO SATURDAY OVER BAD WEATHER

The company hit several financial goals to nail it down including, hitting $20 billion in total revenue for four quarters and a total market value of $100 billion.

ADVERTISEMENT

The payout was confirmed by a filing with the Securities and Exchange Commission.

The filing says Musk can buy 1.69 million shares of Tesla stock for $350.02 each.

The payout is based on the difference between the option price and Thursday’s closing share price of $805.81.

HOW ELON MUSK WAS INSPIRED TO FOUND TESLA, SPACEX AFTER BEING FIRED FROM PAYPAL

Musk earned the options as part of an audacious compensation package approved by the board in 2018.

CLICK HERE TO READ MORE ON FOX BUSINESS

The shares must be held for a minimum of five years.

The Associated Press contributed to this article.

Related Articles