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Elon Musk not getting paid by Tesla

Elon Musk will no longer get paid to build cars at Tesla.

The car company announced on Tuesday (23.01.18) a new plan for the CEO but revealed he won't be paid a single dollar until the shareholder's in his company do really well, Business Insider reported.

Tesla has had a history of not meeting key targets during production - including when Elon claimed to produce 20,000 Model 3 vehicles a month by December, but the company only delivered 1,550.

The tech giant also admitted he wanted to build 500,000 vehicles this year but following the delay of the Model 3, it seems unlikely.

Now instead of focusing on building cars, the new compensation schedule is "entirely contingent on achieving market cap and operational milestones that would make Tesla one of the most valuable companies in the world, a press release yet.

For the plan to work, Tesla said: "Tesla's market cap would have to grow to $650 billion (an increase of almost $600 billion), and important revenue and profitability goals would also have to be achieved.

"Elon will receive no guaranteed compensation of any kind - no salary, no cash bonuses, and no equity that vests simply by the passage of time."

The company did mention they have plans to build the vehicle product line covering all major forms of transport.

It also spoke on expanding solar energy generation through Solar Roof and other solar products.

Recently Tesla revealed they planned to unveil its first electric, self-driving lorry according to a tweet by the chief executive and they planned to break into the commercial market, the Guardian newspaper reports.

Elon wrote on Twitter: "Tesla Semi truck unveil & test ride tentatively scheduled for Oct 26th in Hawthorne.

"Worth seeing this beast in person. It's unreal (sic)"

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