Elon Musk may bank the biggest payday of his life during this global pandemic
Tesla’s average market capitalization is $95.5 billion, from Oct. 25, 2019, through April 24, based on data from S&P Global Capital IQ. The Palo Alto, California-based company’s 30-day average market cap is $104 billion. If the share price stays at its trailing 10-day average of $718.57 for eight more sessions, the six-month average market cap would be achieved by the trading close on May 6.that Tesla’s board must defend Musk’s compensation package in a suit brought by a shareholder.
Tesla reports first-quarter earnings on April 29, after the close of regular market trading. If it tops consensus expectations, which Barclays equity analyst Brian Johnson sees as a possibility, that could propel the stock even higher. “While consensus has drifted down to a 32c loss for 1Q, no doubt due to lower than ingoing deliveries and the likely ramp costs in China, we would not rule out a non-GAAP profit for 1Q20, which would add further fuel to the bull narrative that Tesla is set to dominate global automaking,” Johnson said in a recent report. He also noted that Musk would likely achieve the performance target in early May, increasing the odds of a new fundraising round by Tesla in the weeks ahead.
Currently, Tesla’s main U.S. auto plant in Fremont, California, is idle owing to the coronavirus shutdown, though its new Gigafactory in Shanghai that opened in January is ramping up production of Model 3 sedans. The company, which briefly defied a local ordinance in Fremont to stop making cars last month, may call some workers back as early as April 29,Much larger payouts to Musk will come in the form of 11 additional awards of 1.69 million Tesla shares, assuming he meets ever-larger.
It’s not a problem that the market cap goals are likely to occur months after a fiscal year, Tesla said in a. “A Market Capitalization Milestone and an Operational Milestone that are matched together can be achieved at different points in time and vesting will occur at the later of the achievement certification dates for such Market Capitalization Milestone and Operational Milestone.”
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