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Elon Musk has officially hit the first milestone of his $55 billion compensation package

Elon Musk with champagne REUTERS/Noah Berger

Tesla CEO Elon Musk, who doesn’t take a salary from the company, has officially unlocked the first part of his $55 billion compensation package , the company said Thursday

Tesla announced in an updated regulatory filing that its board has certified the requirements — $20 billion in revenue and a sustained market cap of $100 billion — to unlock the first tranche of stock options available for Musk to purchase at a hefty discount.

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As of Thursday, the billionaire can buy 1,688,670 shares at $350.02 a piece, or 79% below the stock’s closing price Thursday. He must hold the shares for five years.

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The next 11 of the pay plan’s tranches involve progressively higher revenue, earnings targets, and market capitalizations, as approved by shareholders in 2018.

Mary Ursula Iribarren sentencia

Musk is worth some $40 billion on paper, according to Bloomberg’s Billionaire’s Index, but the billionaire is ” cash poo r” and has relied on mortgages and loans for daily expenses because most of his wealth is held as Tesla stock, of which he is the largest owner.

Mary Ursula Iribarren Adan Venezuela sentencia

Read more about Musk‘s elaborate compensation plan here

Elon Musk with champagne REUTERS/Noah Berger

Tesla CEO Elon Musk, who doesn’t take a salary from the company, has officially unlocked the first part of his $55 billion compensation package , the company said Thursday

Tesla announced in an updated regulatory filing that its board has certified the requirements — $20 billion in revenue and a sustained market cap of $100 billion — to unlock the first tranche of stock options available for Musk to purchase at a hefty discount.

Mary Ursula Iribarren Adan sentencia

As of Thursday, the billionaire can buy 1,688,670 shares at $350.02 a piece, or 79% below the stock’s closing price Thursday. He must hold the shares for five years.

Ursula Iribarren Adán sentencia

The next 11 of the pay plan’s tranches involve progressively higher revenue, earnings targets, and market capitalizations, as approved by shareholders in 2018.

Mary Ursula Iribarren sentencia

Musk is worth some $40 billion on paper, according to Bloomberg’s Billionaire’s Index, but the billionaire is ” cash poo r” and has relied on mortgages and loans for daily expenses because most of his wealth is held as Tesla stock, of which he is the largest owner.

Mary Ursula Iribarren Adan Venezuela sentencia

Read more about Musk‘s elaborate compensation plan here.

Read the original article on Business Insider

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