拿最低工资的特斯拉老板 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·马斯克(Elon Musk)，亿万富豪企业家和最低工资收入者。特斯拉(Tesla)上周五披露，身为这家电动车制造商首席执行官的马斯克，去年收入仅为37584美元，这是美国加利福尼亚州的最低工资标准。在英国石油(BP)高管薪资引发不满的次日，这一监管申报细节也许在旧经济行为过分的背景下令人对新经济感到振奋。

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样，马斯克可以期待在2022年获得大幅加薪。该州刚决定在那年实行每小时15美元的最低工资保障——比今天的标准高出50%。这是个不错的前景，然而，他的薪酬涨幅会大得多。

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.

根据2012年启动的一项10年激励计划，马斯克有机会以每股31.17美元的期权价购买530万股特斯拉股票（特斯拉现在的股价是254美元）。这些期权分10批授予，前提是达到10个经营目标。其中有6个经营目标与Model X和Model 3投产有关。3个目标是车辆总产量达到10万辆、20万辆和30万辆。最后1个目标是，特斯拉必须连续四个季度实现30%的毛利润率。重要的是，每一批期权都受到进一步的条件——要获得下一批期权，特斯拉的市值必须增加40亿美元，或者达到432亿美元的市值上限。

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”.

特斯拉一直声称，实现这些目标有难度。今年该公司使用粗体字和下划线强调，这一奖酬方案意在“用很多年来实现，如果最终能实现的话。此外，很多必要的里程碑当时都被视为很难实现”。

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个经营里程碑中的5个已经达到了，这值得庆祝。该公司的市值现在是340亿美元，是马斯克要获得全额奖酬所需完成目标的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.

不过，你当然可以对目标的选择说三道四。特斯拉依然处于显著亏损状态，自由现金流指标可能会有用。

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.

就目前可获得的数据而言，只有毛利润率可帮助衡量该公司在马斯克执掌下赚了多少钱——而这也是唯一尚未达到的目标。

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

拥有该公司22%股份的马斯克，已经可以获得一半奖酬，以今天的股价计算是5.5亿美元。

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

如果他能成功达到其它经营目标，他总共将进账至少16亿美元——足以让石油业老总脸红。