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Tesla CEO Elon Musk gets $700 million in first performance-based payout

Tesla has awarded its CEO, Elon Musk, with the first out of 12 performance-based payouts — and it’s worth over a whopping $700 million. According to a document (via TechCrunch) filed with the Securities and Exchange Commission, Musk has earned 1.7 million Tesla shares worth $775 million, based on the company’s stock price on Thursay.

As CNBC explains, Musk doesn’t take a salary, but he owns 18.5 percent of the company. To be able to earn performance-based payouts, he’ll need to reach certain milestones for each of the 12. He received the first one after Tesla’s market capitalization stayed at $100 billion on a 30-day and six-month trailing average. The automaker also had to hit a trailing-four-quarter revenue of $20 billion.

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