Elon Musk wants to design a 'Chinese-style' Tesla

Musk nears $346 million payday as Tesla market value soars

Tesla did not commend on Musk's first pay package, the board defended the chief executive for earning huge from the stock top-up.

On Monday, as The CEO Magazine reported, analyst Colin Rusch, of Oppenheimer, massively raised his Tesla price target to US$612 and on Tuesday, investment bank Jefferies raised its target price on Tesla to US$600, calling Tesla "the only carmaker engaged in a positive-sum game in EVs amid rising market acceptance".

"This is the very definition of pay for performance", said Ian Keas, senior director at Longnecker & Associates, an executive compensation consulting firm. "But is he the only person in this position who can act as CEO and deliver that value to shareholders?"

In addition, the increased value of Elon Musk's 18.9% stake in Tesla, which has doubled in six months to $18.3 billion, is the bigger prize. "That is the billion dollar question".

Another payment will come if the market value reaches US$150 billion, and again at every further US$50 billion up to US$650 billion, if additional financial targets of higher revenues or fatter profits are also hit.

Shares of Tesla surged 9% to a record high already this week and would need to rise another 6% to put Tesla's stock market value at $100 billion.

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Tesla's "adjusted" EBITDA excludes stock-based compensation, which in the first nine months of 2019 reached $617 million.

Tesla was valued at about $53 billion when shareholders approved the pay package in January 2018 and faced a cash crunch, production delays and increasing competition from rivals. Elon's projected pay package allows him to purchase another 20.3 million shares, including a block of 1.7 options.

Musk has made Tesla from a niche manufacturer with production problems to the world leader in electric vehicles with U.S. and Chinese factories.

Elon Musk owns 34 million of the company's shares and another 4.5 million options. Since then, the company has awarded stock to employees and sold $2.7 billion in shares and convertible bonds.

Tesla had "accelerated" the construction of the Shanghai factory in response to the trade dispute between the United States and China, which has raised prices in China for vehicles imported from the US.

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