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Tesla market value tops $100bn, triggering payout for Musk

Jan 25 2020 09:02
Elon Musk, co-founder and Chief Executive Officer

Elon Musk, co-founder and Chief Executive Officer of Tesla, speaks at an unveiling event for The Boring Company Hawthorne test tunnel on December 18, 2018 (Photo by Robyn Beck-Pool/Getty Images)

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Tesla shares hit $100bn for the first time on Wednesday, 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% in opening trade to extend the gains in the value of the fast-growing maker of electric vehicles.

Under a compensation plan approved by Tesla'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. He agreed to the plan, which would pay him nothing until Tesla's value reached $100bn.

tesla  |  elon musk  |  ict  |  companies
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