>> Silicon Valley billionaire Elon Musk is putting his money where his mouth is. Tesla says its CEO will not get a salary or cash bonuses from the company, and all his compensation as chief executive will be tied to milestones in the stock's performance. The plan envisions the electric car maker's market value ballooning to $650 billion over the next decade, ten times the current size of General Motors.
It knocks back speculation that Musk may be planning to quit Tesla anytime soon. If Tesla hits that mark and Musk achieves all his targets, vesting stock options, that'll add up to a comfortable $78 billion payday for Musk. Not to mention his current 20% stake in the company will be worth $130 billion.
The new long-term plan was unveiled after Tesla's much anticipated Model 3 missed key production targets. The delays and Tesla's high cash burn rate has worried Wall Street that Musk's ambition to build the company into a behemoth will severely stretch its production capabilities. The company currently has a market value of roughly $60 billion and its stock was up 46% last year.