ELON MUSK QUALIFIES FOR TESLA’S $11B OPTIONS PAYOUT

Tesla's quarterly report on Monday hit targets qualifying Chief Executive Elon Musk for two options payouts worth a combined $11 billion, Noel Randewich reported for Reuters.

The electric car maker beat Wall Street's expectations for first-quarter revenue and profit, boosted by record deliveries, robust demand from China and environmental credit sales.

It reported quarterly revenue of $10.39 billion and adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) of $1.84 billion, surpassing milestones that trigger the vesting of the fifth and sixth of 12 tranches of options granted to Musk in his 2018 pay package to buy discounted Tesla shares.

Musk, who is also a major shareholder and CEO of rocket maker SpaceX, receives no salary at Tesla. His pay package requires Tesla's market capitalization and financial growth to hit a series of rising targets.

Despite production that is a fraction of that of Toyota, Volkswagen, or General Motors, Tesla has become by far the world’s most valuable carmaker, with a market capitalization of $700 billion, compared with Toyota’s $250 billion.

Tesla's shares have receded from record highs in 2021 after jumping more than eight-fold last year

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