Elon Musk gets $4.3m for Model X efforts, Tesla working on prototypes

Tesla CEO Elon Musk doesn’t get paid much directly from Tesla Motors, just a $1 annual salary, but he’s still raking in the dough from his work with the electric car company. Last quarter, he earned $4.3 million in stock-based pay because work on the Model X was reported as “considered probable of being met” in the company’s latest SEC filing.

Tesla’s next EV is due late next year and Musk said during a conference call about the filing last week that the Model X will become a bigger priority for his company at the end of this year. Currently, Tesla is focused on getting the Model S ready for sale in more markets but Tesla confirmed to Bloomberg it is “currently working on prototype [Model X] vehicles.”

Bloomberg says Musk is currently the 162nd-richest person in the world, with a net value of $7.7 billion. This number climbed more than 220 percent this year thanks in part to the increase in TSLA stock value, which is currently at around $148.

Tesla reported that it had a $30.5 million net loss last quarter, but there were $16 million worth of adjustments (including the $4.3 million for Musk) that Tesla says help get the company to its actual number: a $26.3 million profit. From its adjusted profit figure, Bloomberg says, the company also excluded $16 million for its early DOE loan repayment and “$19.3 million related to the start of its leasing program.” Math like this is apparently common in Silicon Valley, where Tesla is based, but unusual in the automotive industry as a whole, Bloomberg says.

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