Tesla Crosses $100 billion Market Valuation Mark
NEW YORK, 22ND Jan 2020: Tesla's market value hit $100 billion for the first time, triggering a payout plan that could be worth billions for Elon Musk, founder and chief of the electric carmaker.
Shares in Tesla rose some 4.8 percent in opening trade to extend the gains in the value of the fast-growing maker of electric vehicles.
Under a compensation plan approved by Telsa's board in 2018, Musk is to be paid in stock awards based on the value of the company, which could be worth as much as $50 billion if Tesla reaches $650 billion.
Musk agreed to the plan, which would pay him nothing until Tesla's value reached $100 billion.
The package, using shares which "vest" based on certain criteria, gives Musk stock worth around one percent of the company for each of 12 milestones over a...