Elon Musk will net his biggest bonus yet – just as he's laying off Tesla staff

Boca Chica, Texas - The richest man in the world is going to get even richer, just as he's firing 10% of Tesla's employees.

Elon Musk gets a reward for building Tesla up, but it looks shady right now.
Elon Musk gets a reward for building Tesla up, but it looks shady right now.  © Collage: REUTERS, OMAR TORRES / AFP

Elon Musk was already the richest man alive, and now that he's jacked the value of Tesla into the stratosphere, he's going to bank a massive $23 billion stock payday, according to the Guardian.

But at the same time, and during record profits for the company, he's firing 10% of Tesla's employees.

While they're out of a job, Musk stands to get a bunch of very cheaply priced shares of Tesla stock as a reward for making the company so valuable.

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Meanwhile, the 50-year-old has such a "super bad feeling" about the economy that he's pausing hiring worldwide.

Musk's reward scheme

Musk managed to set himself up for a multi-billion dollar bonus by making a crazy deal in 2018.

He agreed to not get paid by Tesla, not a cent, until he boosted the company's worth to at least $650 billion. He turned making the company into a giant into his own personal gamble.

Well, he crushed that goal early, in January 2020. And today, Tesla is valued at over $1 trillion, according to The Guardian.

That will let him take the full reward for his deal with Tesla, and take home 100 million shares at just $70 per share.

As long as Tesla's board of directors okays the bonus shares, and Musk keeps them for five years, he can start selling them for the ridiculous profit of $23 billion.

Well, as long as Tesla's value doesn't plummet because he decides to go on more Twitter buyout rollercoaster rides.

Musk's deal with Tesla to get serious loot for making the company profitable is paying off big time – just not for plenty of people who also helped Tesla get there.

Cover photo: Collage: REUTERS, OMAR TORRES / AFP

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