Tesla trades as $100 billion company as Musk unlocks moonshot package | RenewEconomy

Tesla trades as $100 billion company as Musk unlocks moonshot package

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Tesla trades as $US100bn company for first time on Tuesday as Musk unlocks $US346 million payday and new settlement allows sales in Michigan, home of “big three” automakers

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Elon Musk at the Model Y launch in 2019. Source: Tesla
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The Driven

Californian EV maker Tesla has traded as a $US100 billion ($A146 billion) company for the first time as stocks surged to more than $US550 ($A812) in after hours trading on Tuesday evening (US time).

The value of Tesla stocks have been on a solid upturn in past weeks, and has now more than tripled since its 2019 June low of $176.99 ($A259.01) ahead of a report on its final earnings for 2019 and future outlook on Wednesday week (US time).

This latest surge makes Tesla now the first publicly listed US carmaker valued at more than $100 billion in history, and will also see Tesla CEO and co-founder Elon Musk unlock a series of “moonshot award” tranches if the valuation is sustained at that level for both a one-month and six-month average.

The pay package will be paid in 12 increments starting from $US100 billion to $US650 billion ($A950 billion), with the new valuation putting Musk a step closer to a $US346 million ($505 million) payday no doubt giving the visionary entrepreneur yet another reason to dance.

Noted in a tweet by Bloomberg electric vehicle reporter Tom Randall, the $US555 stock value is an indication of the confidence in the pioneering car maker which reported another record quarter for deliveries in Q4 2019 on January 3, and is expected to bring to market its latest Model Y in Q1 2020.

To read the full story on RenewEconomy’s electric vehicle dedicated site, The Driven, click here…

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