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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.

Go deeper

Felix Salmon, author of Capital
Aug 27, 2020 - Economy & Business

A tale of two direct listings

Illustration: Lazaro Gamio/Axios

This was a big week for you, if you're a Facebook billionaire looking to take your money-losing post-Facebook company public by doing a direct listing of shares on the New York Stock Exchange.

Details: Asana was founded by Facebook co-founder Dustin Moskovitz in 2008; Palantir was founded by Facebook investor and board member Peter Thiel in 2003. Both companies released their full financials this week.

Netflix tops 200 million global subscribers

Illustration: Rebecca Zisser/Axios

Netflix said that it added another 8.5 million global subscribers last quarter, bringing its total number of paid subscribers globally to more than 200 million.

The big picture: Positive fourth quarter results show Netflix's resiliency, despite increased competition and pandemic-related production headwinds.

Janet Yellen plays down debt, tax hike concerns in confirmation hearing

Treasury Secretary nominee Janet Yellen at an event in December. (Photo: Alex Wong via Getty Images)

Janet Yellen, Biden's pick to lead the Treasury Department, pushed back against two key concerns from Republican senators at her confirmation hearing on Tuesday: the country's debt and the incoming administration's plans to eventually raise taxes.

Driving the news: Yellen — who's expected to win confirmation — said spending big now will prevent the U.S. from having to dig out of a deeper hole later. She also said the Biden administration's priority right now is coronavirus relief, not raising taxes.