After Tesla reported record revenue and profits for the first quarter of 2022 on Wednesday, 16.9 million of CEO Elon Musk’s options worth $15.3 billion (before taxes) likely vested–the remainder of his lucrative 2018 performance award.
After Tesla reported record revenue and profits for the first quarter of 2022 on Wednesday, 16.9 million of CEO Elon Musk’s options worth $15.3 billion likely vested–the remainder of his lucrative 2018 performance award. Each quarter, if Tesla meets certain revenue, earnings and stock price goals, Musk can earn up to two tranches of Tesla options from this award.
, with each subsequent tranche tied to a $50 billion increase above that initial level . With Tesla’s market capitalization sitting at $1 trillion at Wednesday’s close and averaging more than $800 billion over the last year, the $650 billion level required to unlock the 12th and final tranche has been in Musk’s rearview mirror for some time now.
Tesla announced its earnings on Musk’s favorite day of the year . According to Wedbush analysts Dan Ives and John Katsingris, Musk & Co. had their “backs against the wall” and “came out swinging” with far better than expected results. Tesla is moving in that direction, reporting a gross margin of 29% for the first quarter of 2022, up from 27% the prior two quarters and 24% during the first three months of 2021. With an exercise price of only $6.24 per share, those options would have been worth another $2.6 billion if they’d vested Wednesday.
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