Elon Musk eligible for $11bn options payout after Tesla sales soar

Elon Musk eligible for $11bn options payout after Tesla sales soar

Elon Musk is eligible for two options payouts worth a combined $11bn (£7.9bn) after Tesla hit quarterly performance targets.The electric carmaker posted a record number of deliveries during the three-month period ending 31 March, despite a global shortage of chips that restricted rivals.

Mr Musk said the period saw "some of the most difficult supply chain challenges that we've ever experienced at Tesla".Tesla made $438m (£315m) in the first quarter, with nearly 185,000 vehicles sold - almost twice the number sold at the same time last year.The company said it expected this year's volume growth to exceed 50%, and it is on track to start production and deliveries at its factories in Texas and Berlin.

Deliveries of the new Model S should start soon and the Model Y production rate in Shanghai is improving.

Peter Hanks of DailyFX.com added: "Tesla looks well positioned