Huge pay package for Musk at Tesla, with ambitious goals

SHARE Huge pay package for Musk at Tesla, with ambitious goals
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Elon Musk, CEO of SpaceX | AP file photo

PALO ALTO, Calif. — Elon Musk will remain at Tesla under a 10-year, all-or-nothing pay package that demands massive growth.

The agreement, revealed Tuesday in a regulatory filing, requires that Tesla grow in $50 billion leaps, to a staggering $650 billion market capitalization.

To put those demands in perspective, the electric car maker, based in Palo Alto, California, is worth less than $60 billion today.

Tesla must hit a series of escalating revenue and adjusted profit targets, only after which Musk would vest stock options worth 1 percent of company shares.

In order to vest shares when milestones are reached, Musk must stay on as CEO or serve as both executive chairman and chief product officer. Tesla provides for Musk’s long-term leadership, but also gives flexibility to name another CEO in the future.

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