Elon Musk Lands $23 Billion Options Payout From Tesla’s Q1 Earnings

Tesla CEO Elon Musk has just landed another hefty piece of compensation, following the automaker’s success in the first quarter.

Musk has earned another $23 billion in performance awards from Tesla, after the automaker posted Q1 revenue outpacing Wall Street estimates, according to Reuters.

Tesla’s quarterly revenue amounted to $18.76 billion, with adjusted earnings of $5.02 billion before factoring in interest, taxes, depreciation and amortization (EBITDA).

The amount has yet to be certified by the automaker’s board, but it comes as a result of Tesla’s fourth straight quarter surpassing milestones needed to trigger new vestments in Musk’s compensation package.

Upon surpassing these financial milestones, Musk officially triggers the vesting of the ninth, 10th, 11th and 12th option tranches all at once, resulting in the high payout.

The news comes just days after a report held that Musk may be looking for co-investors to help fund his acquisition of Twitter, after he was blocked by the company which sought new funding to prevent the Tesla CEO’s takeover.

Musk is also facing a lawsuit from a Tesla shareholder over his 2018 pay package, which the plaintiff claims are excessive and breaches fiduciary duties to the company.

Last year, Musk qualified for an $11 billion options payout following the first quarter.