Tesla's Elon Musk qualifies for US$11 billion options payout

It reported quarterly revenue of $10.39 billion and adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) of $1.84 billion, surpassing milestones that trigger the vesting of the fifth and sixth of 12 tranches of options granted to Musk in his 2018 pay package to buy discounted Tesla shares.

NEW YORK: Tesla's quarterly report on Monday hit targets qualifying Chief Executive Elon Musk for two options payouts worth a combined US$11 billion.

The electric car maker beat Wall Street's expectations for first-quarter revenue and profit, boosted by record deliveries, robust demand from China and environmental credit sales.