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Tesla CEO Elon Musk captured the spotlight in 2018, receiving an unprecedented pay package designed to align his compensation with the company's performance. This unique plan, tied directly to Tesla's market capitalization and financial milestones, has become a focal point of discussion and analysis. In this infographic, Equilar offers a comprehensive overview of Musk’s pay package, tracking its value and the key milestones achieved over time.
05/28/2020
$769.5 M
A
07/24/2020
$3.6 B
B
09/30/2020
$9.1 B
C
12/31/2020
$23.8 B
D
04/29/2021
$30.7 B
E
10/25/2021
$56.4 B
F
02/07/2022
$56.6 B
G
04/25/2022
$86.2 B
H
01/31/2023
$45.6 B
I
07/26/2024
$59.7 B
J
|
02/08/2018 Tesla's proxy statement including Musk's compensation plan filed for approval. |
03/21/2018 Compensation plan approved at special meeting. |
06/05/2018 Lawsuit filed by Richard Tornetta. |
01/30/2024 Lawsuit post-trial opinion released. |
06/13/2024 Tesla shareholders re-approve compensation plan at annual meeting. |
08/02/2024 Chancellor Kathaleen McCormick to hold a hearing on the impact of the shareholder vote. |
| Milestone | Date 1 | # of Shares 2 | Value ($B) 3 | Milestone Targets | Actual Results 4 |
|---|---|---|---|---|---|
| Grant Date | 3/21/2018 | 303,960,630 | $2.3 B | Market Cap: $53.5 B Revenue: $11.8 B Adjusted EBITDA: $0.6 B |
|
| A Tranche 1 | 5/28/2020 | 25,330,053 | $0.8 B | Market Cap: $100 B Revenue: $20 B |
Market Cap: $149.4 B Revenue: $26 B |
| B Tranche 2 | 7/24/2020 | 25,330,053 | $1.8 B | Market Cap: $150 B Adjusted EBITDA: $1.5 B |
Market Cap: $262.7 B Adjusted EBITDA: $4.4 B |
| C Tranche 3 | 9/30/2020 | 25,330,053 | $3.0 B | Market Cap: $200 B Adjusted EBITDA: $3 B |
Market Cap: $399.8 B Adjusted EBITDA: $5.1 B |
| D Tranche 4 | 12/31/2020 | 25,330,053 | $6.0 B | Market Cap: $250 B Adjusted EBITDA: $4.5 B |
Market Cap: $668.9 B Adjusted EBITDA: $5.8 B |
| E Tranches 5-6 | 4/29/2021 | 50,660,105 | $10.2 B | Market Cap: $300-350 B Revenue: $35 B Adjusted EBITDA: $6 B |
Market Cap: $652.2 B Revenue: $36 B Adjusted EBITDA: $6.7 B |
| F Tranche 7 | 10/25/2021 | 25,330,053 | $8.1 B | Market Cap: $400 B Adjusted EBITDA: $8 B |
Market Cap: $1,029.2 B Adjusted EBITDA: $9.4 B |
| G Tranche 8 | 2/7/2022 | 25,330,053 | $7.1 B | Market Cap: $450 B Adjusted EBITDA: $10 B |
Market Cap: $937.7 B Adjusted EBITDA: $11.6 B |
| H Tranches 9-11 | 4/25/2022 | 75,990,158 | $23.5 B | Market Cap: $500-550 B Revenue: $55 B Adjusted EBITDA: $12-14 B |
Market Cap: $1,034 B Revenue: $62.2 B Adjusted EBITDA: $14.8 B |
| I Tranche 12 | 1/31/2023 | 25,330,053 | $3.8 B | Market Cap: $600 B Revenue: $75 B |
Market Cap: $548.1 B 5 Revenue: $81.5 B |
| J As of July 26, 2024 | 7/26/2024 | 303,960,630 | $59.7 B | Market Cap: $702.2 B Revenue: $95.3 B Adjusted EBITDA: $14.8 B |
1Date for each tranche represents the disclosed certification date or the filing date in which the tranche was disclosed as certified.
2The number of shares have been adjusted for stock splits.
3Value on grant date represents the grant date fair value of the award. The value on all other dates represents the intrinsic value of the vested tranche.
4Represents market capitalization on the date disclosed. Represents the most recently disclosed trailing four quarters of revenue or adjusted EBITDA at time of certification.
5Market cap goal was achieved in a previous time period.
Please contact Amit Batish, Senior Director of Content & Communications, at abatish@equilar.com for more information about this analysis.
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