Tesla value hits $100 billion, triggering payout plan for Musk – News of Bahrain- DT News

Tesla value hits $100 billion, triggering payout plan for Musk – News of Bahrain- DT News

Tesla's market value hit $100 billion for the first time yesterday, triggering a payout plan that could be worth billions for Elon Musk, founder and chief of the electric carmaker.. Shares in Tesla rose some 4.8 per cent in opening trade to extend the gains in the value of the fast-growing maker of electric vehicles.. Under a compensation plan approved by Telsa's board in 2018, Musk is to be paid in stock awards based on the value of the company, which could be worth as much as $50bn if Tesla reaches $650bn.. Musk agreed to the plan, which would pay him nothing until Tesla's value reached $100bn.. For achieving the first milestone, Musk will get shares worth $346 million if Tesla shares hold above $100bn over six months, based on the formula.. In announcing the plan in March 2018, the company said Musk "would receive no guaranteed compensation of any kind -- no salary, no cash bonuses, and no equity that vests simply by the passage of time" without the rise in value.. In 2019, Tesla sold some 367,000 vehicles, a rise of 50 percent from the prior year.. Tesla has begun manufacturing in China and has announced a new