Musk nears US$346 million payday as Tesla market value soars

SAN FRANCISCO: Tesla Inc Chief Executive Elon Musk is coming close to earning the first US$346 million tranche of options in a record-breaking pay package, after the electric vehicle maker's stock more than doubled in the last three months.

A full payoff for Musk, who is also the majority owner and CEO of the SpaceX rocket maker, would surpass anything previously granted to U.S. executives, according Institutional Shareholder Services, a proxy advisor that recommended investors reject the pay package deal at the time. Last week, Tesla's stock market value hit nearly US$89 billion, eclipsing the sum of General Motors' and Ford's for the first time, fueled by a surprise third-quarter profit, progress at a new factory in China and better-than-expected car deliveries in the fourth quarter.

Good news. He's earned it. Unlike certain banking CEOs I could name.

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