拿最低工資的特斯拉老闆 supercharged pay

Elon Musk, billionaire entrepreneur and minimum wage earner. Tesla disclosed on Friday that Mr Musk earned just $37,584 last year as chief executive of the electric carmaker, California’s minimum. A day after a revolt over executive pay at BP, the filing might be a welcome tonic from the new economy for the excesses of the old.

伊隆·馬斯克(Elon Musk)，億萬富豪企業家和最低工資收入者。特斯拉(Tesla)上週五披露，身爲這家電動車製造商首席執行官的馬斯克，去年收入僅爲37584美元，這是美國加利福尼亞州的最低工資標準。在英國石油(BP)高管薪資引發不滿的次日，這一監管申報細節也許在舊經濟行爲過分的背景下令人對新經濟感到振奮。

Like other low-paid workers in California, Mr Musk can look forward to a big increase in 2022. The state has just decided to impose a minimum wage of $15 an hour by then — a 50 per cent increase from today. There is a decent prospect, however, that his increase will be rather bigger.

跟加州的其他低收入工人一樣，馬斯克可以期待在2022年獲得大幅加薪。該州剛決定在那年實行每小時15美元的最低工資保障——比今天的標準高出50%。這是個不錯的前景，然而，他的薪酬漲幅會大得多。

Under an incentive plan launched in 2012, with a 10-year horizon, Mr Musk was given the opportunity to get 5.3m stock options for $31.17 a share (Tesla now trades at $254). They were to be paid in 10 tranches subject to 10 operational targets. Six related to putting the Model X and Model 3 into production. Three were for aggregate vehicle production, hitting 100,000, 200,000 and 300,000. Finally, Tesla has to make a gross margin of 30 per cent for four consecutive quarters. Importantly, each tranche is governed by a further condition — to get the payout, each time Tesla must add $4bn in market capitalisation, or $43.2bn to hit the maximum.

根據2012年啓動的一項10年激勵計劃，馬斯克有機會以每股31.17美元的期權價購買530萬股特斯拉股票（特斯拉現在的股價是254美元）。這些期權分10批授予，前提是達到10個經營目標。其中有6個經營目標與Model X和Model 3投產有關。3個目標是車輛總產量達到10萬輛、20萬輛和30萬輛。最後1個目標是，特斯拉必須連續四個季度實現30%的毛利潤率。重要的是，每一批期權都受到進一步的條件——要獲得下一批期權，特斯拉的市值必須增加40億美元，或者達到432億美元的市值上限。

Tesla has always said these were a stretch. This year it resorted to bold letters and underlining to stress that the award had been intended to “take many years, if at all, to be achieved. Further, many of the requisite milestones were viewed as very difficult to achieve”.

特斯拉一直聲稱，實現這些目標有難度。今年該公司使用粗體字和下劃線強調，這一獎酬方案意在“用很多年來實現，如果最終能實現的話。此外，很多必要的里程碑當時都被視爲很難實現”。

Five of the 10 operational milestones have already been met, which deserves celebration. The company’s market value is now $34bn, 70 per cent of the way to a full payout for Mr Musk.

10個經營里程碑中的5個已經達到了，這值得慶祝。該公司的市值現在是340億美元，是馬斯克要獲得全額獎酬所需完成目標的70%。

You can certainly quibble about the choice of goals, however. Tesla is still solidly lossmaking and a free cash flow metric might be useful.

不過，你當然可以對目標的選擇說三道四。特斯拉依然處於顯著虧損狀態，自由現金流指標可能會有用。

As it is, there is only gross margin to help govern how much money the company makes under Mr Musk — and that’s one target that has not yet been hit.

就目前可獲得的數據而言，只有毛利潤率可幫助衡量該公司在馬斯克執掌下賺了多少錢——而這也是唯一尚未達到的目標。

Mr Musk — who owns 22 per cent of the company — could already collect half the award, worth $550m today.

擁有該公司22%股份的馬斯克，已經可以獲得一半獎酬，以今天的股價計算是5.5億美元。

If he succeeds in ticking off the others, he will earn at least $1.6bn overall — enough to make an oil boss blush.

如果他能成功達到其它經營目標，他總共將進賬至少16億美元——足以讓石油業老總臉紅。