Tesla Motors Inc (NASDAQ:TSLA) founder and CEO Elon Musk has received $4.3 million in stock-based pay for the work he put in to developing the Tesla Motors Inc (NASDAQ:TSLA) Model X sport-utility vehicle (SUV).
Musk’s earnings are made up of over 20% of the $19.3 in stock-based compensation that Tesla Motors Inc (NASDAQ:TSLA) reported for Q2.
The award will not be vested until the work gets done and is one of three adjustments of over $16 millii that Tesla Motors Inc (NASDAQ:TSLA) used to explain the $30.5 million net loss., which should be seen as a $26.3 million profit.
Tesla’s quarterly profit was 20 cents a share (5 cents excluding adjustment for lease accounting). This exceeded the average of 10 analyst estimates of a 20-cent loss. The sales of the Tesla Motors Inc (NASDAQ:TSLA) Model X are not expected to begin until late next year.
A Tesla Motors Inc (NASDAQ:TSLA) spokesperson said that the Model X is swiftly rising in Tesla Motors’ priorities. Musk receives stock-based compensation from a 2012 CEO Grant fund that was set up in August 2012. The fund has 5.3 million stock options and is released in 10 vesting portions when pre-determined performance targets are “probable of being met.”
The other expenses that Tesla Motors Inc (NASDAQ:TSLA) excluded from their adjusted profit figure was $16 million for early repayment of the Energy Department loan and $19.3 million related to the new leasing program.
Musk has a $1 annual salary, but he has $570 million in ownership of the company based on the share price closing August 8th. Musk has a total net worth of $7.7 billion, making him the 162nd richest person, according to Bloomberg.