May 28, 2020 - Economy & Business

Elon Musk receives performance-based payday worth over $700 million

Elon Musk. Photo: Saul Martinez/Getty Images

Tesla CEO Elon Musk earned the first performance-based payment of his compensation plan, a tranche of 1.7 million Tesla shares that would amount to about $775 million based on the company's stock price at market close Thursday, according to an SEC filing reported by CNBC.

The big picture: Musk does not take a salary, but he owns about 18.5% of the company — worth about $24 billion — as of May 1, per CNBC. The options are set to vest over 12 tranches that use different milestone requirements.

  • To earn the first payout, Tesla's market capitalization had to stay at $100 billion on a 30-day and six-month trailing average.
  • Tesla also had to reach a trailing-four-quarter revenue of $20 billion or EBITDA (minus stock-based compensation) of $1.5 billion for Musk to get the tranche, per CNBC.

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Rebecca Falconer
Updated 28 mins ago - Science

Hurricane Isaias makes landfall in North Carolina

People walk through floodwaters on Ocean Blvd. in Myrtle Beach, South Carolina, on Monday. Photo: Sean Rayford/Getty Images

Hurricane Isaias made landfall as a Category 1 storm near Ocean Isle Beach in southern North Carolina at 11:10 p.m. ET Monday, packing maximum sustained winds of 85 mph, per the National Hurricane Center (NHC).

What's happening: Hurricane conditions were spreading onto the coast of eastern South Carolina and southeastern N.C., the NHC said in an 11 p.m. update. Ocean Isle Beach Mayor Debbie Smith told WECT News the eye of the storm triggered "a series of fires at homes" and "a lot of flooding." Fire authorities confirmed they were responding to "multiple structure fires in the area."

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Axios
Updated 1 hour ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 12:30 a.m. ET: 18,224,253 — Total deaths: 692,679 — Total recoveries — 10,865,548 — Map.
  2. U.S.: Total confirmed cases as of 12:30 a.m. ET: 4,713,500 — Total deaths: 155,401 — Total recoveries: 1,513,446 — Total tests: 57,543,852 — Map.
  3. Politics: White House will require staff to undergo randomized coronavirus testing — Pelosi says Birx "enabled" Trump on misinformation.
  4. Sports: 13 members of St. Louis Cardinals test positive, prompting MLB to cancel Tigers series — Former FDA chief says MLB outbreaks should be warning sign for schools.
  5. 1 🎥 thing: "Tenet" may be the first major film to get a global pandemic release.
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David Nather
2 hours ago - Politics & Policy

Exclusive: Trump declines to praise John Lewis, citing inauguration snub

President Trump dismissed the legacy of the late Rep. John Lewis in an interview with “Axios on HBO,” saying only that Lewis made a “big mistake” by not coming to his inauguration.

The big picture: Trump's comments were a glaring contrast with the praise Republicans and Democrats showered upon Lewis this week, and a default to personal grudges during a week of mourning for a civil rights hero.

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