🗞 Elon Musk extends for ten years

There were rumors that he is leaving Tesla - now Elon Musk has announced that he will remain as boss for another ten years. Instead of a salary he only gets company shares.

Tesla boss Elon Musk is to remain on board the electric car manufacturer for another ten years, but in the future he will only be paid in shares. He should not get salary and bonuses anymore, said Tesla. On the stock market, there was a speculation that Musk might be on the take-off. The shares rose on Tuesday in US pre-trading by just over one percent.

Musk should only get shares if Tesla achieves certain results. One of his tasks is to increase Silicon Valley stock market value to $650 billion, which would be well over ten times the current market cap. By comparison, Volkswagen is currently worth $115 billion on the stock market.

The new contract now ensures that Musk will stay on board long-term, Tesla said. It also gives the company enough flexibility to install a successor. Musk, who joined the electric car and power storage manufacturer early and with a 20 percent stake, is the largest shareholder. The Tesla share gained more than half last year.

Source: Reuters

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