Elon Musk. Photo: Justin Sullivan / Getty Images

Elon Musk has agreed to be CEO of Tesla for the next decade and could earn as much as $55 billion in stock awards, but “will be paid only if he reaches a series of jaw-dropping milestones based on the company’s market value and operations. Otherwise, he will be paid nothing,” NYT’s Andrew Ross Sorkin writes.

“Tesla has set a dozen targets, each $50 billion more than the next, starting at $100 billion, then $150 billion, then $200 billion and so on, all the way to a market value of $650 billion.”

  • Tesla is worth about $59 billion today. Reaching a market value of $650 billion would make Tesla one of the five largest companies in the U.S.
  • Musk's "stock award could be worth as much as $55 billion" if he hits that valuation goal. Sorkin notes a sum this high is unlikely.
  • Tesla organized a similar setup in 2012 when the company was worth $3.2 billion. Musk met each milestone except for one on the way, per the NYT.
  • Critics will be quick to say this is “just the company’s latest publicity stunt... The company continues to lose money; at one point last year, it was losing almost a half-million dollars an hour.”
  • Shareholder impact: “if Mr. Musk is gaining billions then shareholders are winning, too. And if Mr. Musk does not perform, shareholders pay nothing.”
  • Bottom line for Musk: “I want to contribute as much as possible to humanity becoming a multi-planet species,” he said, alluding to a goal he has talked about often, including having people live on Mars. “That obviously requires a certain amount of capital.”

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Biden: The next president should decide on Ginsburg’s replacement

Joe Biden. Photo: Drew Angerer / Getty Images

Joe Biden is calling for the winner of November's presidential election to select Ruth Bader Ginsburg's replacement on the Supreme Court.

What he's saying: "[L]et me be clear: The voters should pick the president and the president should pick the justice for the Senate to consider," Biden said. "This was the position the Republican Senate took in 2016 when there were almost 10 months to go before the election. That's the position the United States Senate must take today, and the election's only 46 days off.

Trump, McConnell to move fast to replace Ginsburg

Photo: Alex Wong/Getty Images

President Trump will move within days to nominate his third Supreme Court justice in just three-plus short years — and shape the court for literally decades to come, top Republican sources tell Axios.

Driving the news: Senate Majority Leader Mitch McConnell and Senate Republicans are ready to move to confirm Trump's nominee before Election Day, just 46 days away, setting up one of the most consequential periods of our lifetimes, the sources say.

Updated 1 hour ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 10 p.m. ET: 30,393,591 — Total deaths: 950,344— Total recoveries: 20,679,272Map.
  2. U.S.: Total confirmed cases as of 10 p.m. ET: 6,722,699 — Total deaths: 198,484 — Total recoveries: 2,556,465 — Total tests: 92,163,649Map.
  3. Politics: In reversal, CDC again recommends coronavirus testing for asymptomatic people.
  4. Health: Massive USPS face mask operation called off The risks of moving too fast on a vaccine.
  5. Business: Unemployment drop-off reverses course 1 million mortgage-holders fall through safety netHow the pandemic has deepened Boeing's 737 MAX crunch.
  6. Education: At least 42% of school employees are vulnerable.