<p>Tesla has hit financial marks that let its colourful chief executive Elon Musk reap the first portion of a multi-billion dollar compensation package, the electric car maker said Thursday.</p>.<p>Musk has foregone a base salary in exchange for a shot at a fortune in deeply discounted Tesla shares, and is eligible for the first batch based on company performance, according to a filing with the US Securities and Exchange Commission.</p>.<p>"In particular, 2019 was a record-setting year for Tesla's annual revenues, year-end cash balance, vehicle production and deliveries, and energy storage deployment," Tesla's board said in the filing.</p>.<p>Tesla shareholders will be asked to endorse the compensation at an annual meeting of investors in early July.</p>.<p>"One of the 12 tranches under this award has vested and become exercisable," the board said.</p>.<p>Musk's compensation package announced two years ago promises to reward him with 20.3 million Tesla shares, equivalent to some $56 billion, over the course of a decade if the company reaches certain financial and market performance goals.</p>.<p>There are twelve market capitalization thresholds to be crossed, the highest being a company value of $650 billion by the year 2028.</p>.<p>Tesla has passed the first threshold of reaching $20 billion in revenue and a market value of $100 billion, according to the filing.</p>.<p>Musk is, therefore, eligible to buy 1.69 million Tesla shares for $350.02 each, according to the compensation scheme.</p>.<p>Tesla shares were trading at $805.81 at the close of market on Thursday, meaning the discount would amount to nearly $775 million.</p>.<p>Musk would have to hold onto any shares for at least five years, according to the filing.</p>.<p>The compensation package for Musk, who founded Tesla and built it into the leading electric car maker, is being challenged in court by a shareholder who accuses the board of having failed in its duties.</p>.<p>Musk already owns 18.5 per cent of Tesla, a stake valued at more than $24 billion, according to FactSet.</p>.<p>Musk recently got the Tesla auto assembly plant near San Francisco back in operation after a clash over the shutdown of businesses in the state due to the pandemic.</p>.<p>On Wednesday, the SpaceX company created by Musk scrubbed a landmark launch to the International Space Station due to fears of a lightning strike.</p>.<p>With NASA astronauts Bob Behnken and Doug Hurley strapped into the Crew Dragon capsule, the launch pad platform retracted and rocket fueling underway, SpaceX made the call to abort.</p>
<p>Tesla has hit financial marks that let its colourful chief executive Elon Musk reap the first portion of a multi-billion dollar compensation package, the electric car maker said Thursday.</p>.<p>Musk has foregone a base salary in exchange for a shot at a fortune in deeply discounted Tesla shares, and is eligible for the first batch based on company performance, according to a filing with the US Securities and Exchange Commission.</p>.<p>"In particular, 2019 was a record-setting year for Tesla's annual revenues, year-end cash balance, vehicle production and deliveries, and energy storage deployment," Tesla's board said in the filing.</p>.<p>Tesla shareholders will be asked to endorse the compensation at an annual meeting of investors in early July.</p>.<p>"One of the 12 tranches under this award has vested and become exercisable," the board said.</p>.<p>Musk's compensation package announced two years ago promises to reward him with 20.3 million Tesla shares, equivalent to some $56 billion, over the course of a decade if the company reaches certain financial and market performance goals.</p>.<p>There are twelve market capitalization thresholds to be crossed, the highest being a company value of $650 billion by the year 2028.</p>.<p>Tesla has passed the first threshold of reaching $20 billion in revenue and a market value of $100 billion, according to the filing.</p>.<p>Musk is, therefore, eligible to buy 1.69 million Tesla shares for $350.02 each, according to the compensation scheme.</p>.<p>Tesla shares were trading at $805.81 at the close of market on Thursday, meaning the discount would amount to nearly $775 million.</p>.<p>Musk would have to hold onto any shares for at least five years, according to the filing.</p>.<p>The compensation package for Musk, who founded Tesla and built it into the leading electric car maker, is being challenged in court by a shareholder who accuses the board of having failed in its duties.</p>.<p>Musk already owns 18.5 per cent of Tesla, a stake valued at more than $24 billion, according to FactSet.</p>.<p>Musk recently got the Tesla auto assembly plant near San Francisco back in operation after a clash over the shutdown of businesses in the state due to the pandemic.</p>.<p>On Wednesday, the SpaceX company created by Musk scrubbed a landmark launch to the International Space Station due to fears of a lightning strike.</p>.<p>With NASA astronauts Bob Behnken and Doug Hurley strapped into the Crew Dragon capsule, the launch pad platform retracted and rocket fueling underway, SpaceX made the call to abort.</p>