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Tesla CEO Gets $4.3 Million Stock Grant
Tesla Motors Inc. has granted $4.3 million in stock-based compensation to co-founder and CEO Elon Musk for his work on the upcoming Model X electric SUV, Bloomberg News reports.
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Tesla Motors Inc. has granted $4.3 million in stock-based compensation to co-founder and CEO Elon Musk for his work on the upcoming Model X electric SUV, Bloomberg News reports.
The board gave Musk the stock award because it deemed that it is likely the Model X project will be completed, according to the news service, which cites a Tesla regulatory filing. The vehicle is due late next year. Musk's share won't vest until Model X sales begin.
The payment comes from the CEO Grant Fund of 5.3 million shares that the company set up last year to vest in 10 portions as various milestones are met.
Musk takes only $1 in annual salary from Tesla.
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