In early May, just before Tesla reopened the car plant, Tesla shares tumbled more than 10% in a single day when Musk tweeted that the stock price was "too high," but the shares have since recovered that loss, and then some. In March, the company wound down to minimum basic operations at its Fremont, California, electric vehicle assembly plant after the county said it was not considered an essential business authorized to work during the Covid-19 health orders. On Tesla's first-quarter analyst call, Musk called stay-at-home orders meant to slow the spread of the virus "fascist." Tesla was forced to restrict its operations during the coronavirus pandemic, to Musk's frustration. By Thursday, the proxy filing revealed, Musk's stake in the company had risen to 20.8% - a total of 38.7 million shares, including 18.5 million used as collateral for the CEO's personal debt. His full award is set to vest over 12 tranches with different milestone requirements, reaching up to $650 billion in market capitalization for Tesla. He owned about 18.5% of the company as of May 1, according to FactSet, a stake worth around $24 billion. Musk does not take a salary at this point. Musk earned the first portion of his stock options for keeping the company's market capitalization at $100 billion on a 30-day and six-month trailing average.Īccording to a 2018 regulatory filing outlining the conditions for the payout, Tesla also had to hit trailing-four-quarter revenue of $20 billion or EBITDA (minus stock-based compensation) of $1.5 billion for Musk to get the tranche. Musk's payment of the exercise price of $350.02 per share and the minimum five-year holding period generally applicable to any shares he acquires upon exercise." It is not clear if Musk has yet exercised the options. "As of the date of this proxy statement, one of the 12 tranches under this award has vested and become exercisable, subject to Mr. Thursday's filing, which also set a date of July 7 for the company's annual shareholders meeting, said: Personal Loans for 670 Credit Score or Lower Personal Loans for 580 Credit Score or Lower Best Debt Consolidation Loans for Bad Credit
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