Billionire Elon Musk receives US$4.3 million of share options for his work on Model X
Tesla Motos Inc.'s co-founder and CEO, Elon Musk, received US$4.3 million in share-based pay. The amount was rewarded to Musk for his work on the company's Model X sport-utility vehicle. The board said that Tesla would be able to complete the car later this year.
The earnings of Musk accounted for over 20% of the US$19.3 million in share-based compensation that Tesla posted for the second quarter. The pay would not be given unless the Model X gets done. The payment was also part of Tesla's three adjustments of up to US$16 million.
According to Tesla's recent filing, Musk receives only US$1 in yearly salary from the corporation. On August 8, Musk's fortune soared by US$570 million following the surge in the stocks of Tesla. Bloomberg Billionaires Index showed that Musk's net worth is US$7.7 billion, up more than 220% in 2013.
Tesla "is acting a lot more like a technology company than an automaker at this point," Bloomberg Industries' auto analyst in Skillman, New Jersey, Kevin Tynan, said.