Tesla CEO Elon Musk earns first performance-based compensation from the company worth more than $700million

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Tesla CEO Elon Musk earns first performance-based compensation from the company worth more than $700million
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Tesla CEO Elon Musk earns first performance-based compensation from the company worth more than $700million in one of the biggest corporate pay packages in U.S. history

  • Elon Musk is to receive more than $700million as part of a performance-based compensation package from his company Tesla
  • The company confirmed Thursday it had reached the financial goals set to trigger the first of 12 compensation bundles the CEO can receive
  • Musk has forgone a salary at the company as part of a deal that allows him to buy deeply discounted Tesla shares
  • The CEO must oversee the company into reaching several financial metrics before he is given the option of buying the shares
  • The first payment was triggered after Tesla hit $20 billion in total revenue for four previous quarters
  • A Tesla stockholder is challenging the compensation plan, however, alleging that it is excessive
  • Tesla CEO Elon Muskhas earned a performance-based compensation payment worth more than $700million, the company confirmed Thursday.

    The payout was triggered by the company reaching several financial metrics which included hitting $20 billion in total revenue for four previous quarters.

    Musk has foregone a base salary with the company in exchange for a shot at a fortune in deeply discounted Tesla shares.

    Thursday's payment is one of the biggest corporate pay packages in U.S. history and is just the first of 12 different bundles Musk will receive if Telsa meets different financial goals.
 
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