In January, Tesla filed documents with the Securities and Exchange Commission (SEC) as a lead-up to their eventual IPO. In a revised S-1 filing last week, the company updated its paperwork, disclosing that it lost more money last year than originally reported and providing greater details about CEO Elon Musk's compensation.
In case you missed the headline, his compensation ain't too shabby. In December, the California-based automaker awarded their chief executive 20,135,920 stock options. Half of those options are tied to the successful development and delivery of what will likely be the bread and butter of Tesla's table, the company's (comparatively) affordable second model, the Tesla Model S sedan. The other half of the shares were given to Musk for accomplishments to date. According to the filing, the options are valued at $2.21 a piece or 44.5 million smack-a-roos.
Tesla admits in the S-1 filing that the company lost $55.7 million last year. Add that to the $82.8 million it lost in 2008 and the company's total losses to date are around $260.7 million. Tesla had previously disclosed 2009 loses of $31.5 million through September and cumulative losses of $236.4 million.
Also included in the report is Tesla's response to the unintended acceleration issues and related recall facing Toyota. As we noted yesterday, Tesla says it implemented several algorithms in its vehicle software to reduce the likelihood of unintended acceleration due to a mechanical or electronic failure.
[Source: Greentech Media]