Tesla`s upcoming quarterly report could put another $3 billion (£2.32 billion) in Chief Executive Elon Musk`s pocket. The electric car maker on Tuesday saw the six-month average of its stock market value hit $250 billion, a milestone toward triggering the fourth of 12 tranches of options to buy Tesla stock at a discount, granted to the billionaire in his 2018 pay package.

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Musk`s compensation is exclusively made up of a series of potential stock options rewards based on market capitalization and operational goals. To secure Musk`s fourth tranche, Tesla still must hit a goal related to revenue or profitability, and that could happen in the company`s third-quarter report, the date of which has yet to be announced.

Tesla’s stock was down 0.8% at mid-day on Tuesday, but the company`s six-month average market capitalization rose, thanks to a strong rally in recent months.

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Each tranche gives Musk the option to buy 8.44 million Tesla shares at $70 each, about a sixth of their current price.

At Tesla’s current stock price of $420, Musk would theoretically be able to sell the shares related to the upcoming tranche, plus three other tranches that vested in recent months, for a combined profit of $11.8 billion, or almost $3 billion per tranche.

Musk’s first tranche was worth about $700 million in May, when it vested, but its value has increased along with Tesla’s stock price.

The Silicon Valley billionaire`s pay package, which surpasses anything previously granted to top U.S. executives, was controversial when it was approved by shareholders. The median compensation for Tesla employees last year was about $58,000, according to a company filing.

Tesla’s stock has surged 400% in 2020 as the company increased sales of its Model 3 sedan, giving it stock market value of almost $400 billion. After Tesla last week said it delivered a record 139,300 vehicles in the third quarter, investors are now awaiting the company`s quarterly financial report.

While investors focus on gross margins, free cash flow and earnings per share in that report, adjusted EBITDA will be key to Musk`s personal finances. EBITDA, which stands for earnings before interest, taxes, depreciation and amortization, is a non-GAAP operating metric that Tesla further customizes by excluding the cost of stock-based compensation, including Musk`s.

In the four quarters through June, Tesla`s adjusted EBITDA reached $4.42 billion, just short of a $4.5 billion milestone that would open the way for Musk`s next options tranche.

JPMorgan estimated in a recent client note that Tesla will report adjusted EBITDA of $1.183 billion for the September quarter, which would raise Tesla`s rolling four quarters of adjusted EBITDA to $4.52 billion. That, along with Tuesday`s increase in the company`s six-month average market capitalization, would qualify Musk for his next options payout.