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Elon Musk’s new $2.6 billion compensation plan approved by Tesla shareholders
2018-03-21T17:34:50Z - Sean O'Kane / The Verge
Tesla’s shareholders have voted to approve a new 10-year compensation plan for CEO Elon Musk valued at around $2.6 billion in stock options, according to multiple outlets. Once Tesla reaches a market valuation of $100 billion, Musk will be awarded one-twelfth of the total stock options package. Each time Tesla’s market valuation grows $50 billion beyond that, he’ll be awarded another same-sized slice of the stock options. Musk, who is estimated to be worth $20 billion, currently doesn’t make a salary at Tesla. The compensation plan doesn’t require Musk to stay on as Tesla CEO throughout the length of it, though the only other roles he’s allowed to take are executive chairman or chief product officer.

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