• Tesla CEO Elon Musk, who doesn't take a salary from the company, has officially unlocked the first part of his $55 billion compensation package , the company said Thursday.
  • Tesla announced in an updated regulatory filing that its board has certified the requirements $20 billion in revenue and a sustained market cap of $100 billion to unlock the first tranche of stock options available for Musk to purchase at a hefty discount.
  • As of Thursday, the billionaire can buy 1,688,670 shares at $350.02 a piece, or 79% below the stock's closing price Thursday. He must hold the shares for five years.
  • The next 11 of the pay plan's tranches involve progressively higher revenue, earnings targets, and market capitalizations, as approved by shareholders in 2018.
  • Musk is worth some $40 billion on paper, according to Bloomberg's Billionaire's Index, but the billionaire is " cash poo r" and has relied on mortgages and loans for daily expenses because most of his wealth is held as Tesla stock, of which he is the largest owner.
  • Read more about Musk's elaborate compensation plan here.

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