Report: Tesla CEO Elon Musk offered option for 5.27 million shares

Tesla Motors founder CEO Elon Musk is already the largest stakeholder of the electric-car company with a 25.8 percent stake. According to a regulatory filing Wednesday, Musk has now been granted to an option to purchase 5.27 million shares in Tesla. If made, the move would be a part of a long-term compensation plan to keep him at the company.

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The option, granted Aug. 13, has a 10-year term and vests in 10 equal installments based on Tesla meeting certain milestones.

Musk has previously said that he expects Tesla to have its first profitable quarters next year. The company fell less than 1 percent to $29.40 at close on Wednesday. The shares have gained 2.9 percent this year.

Musk, 41, currently has an annual base salary of $33,280. He also leads aerospace company Space Exploration Technologies Corp. and is chairman of solar panel installer Solarcity Corp.

– By: Omar Rana

Source: AutoNews


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