Murdoch’s £50million from Tesla share boom
MEDIA tycoon James Murdoch is in line for a near-£50 million payday at Tesla, joining directors who have made a fortune as the electric car pioneer has become the world’s most valuable car company.
The stock market value of Tesla, run by eccentric billionaire Elon Musk, last week overtook Toyota to hit a staggering £180 billion.
The landmark was passed even though Tesla only produces a fraction of the cars the Japanese giant manufacture sand has never recorded an annual profit.
James Murdoch – the son of news mogul Rupert Murdoch and chief executive of 21st Century Fox until its takeover last year by Disney – joined Tesla as anon-executive director in 2017.
Upon joining and then becoming a member of its nominating and corporate governance committee, he was handed share options, which will cost between $261 and $370 to acquire.
The share price has since soared and closed at $1,209 on Friday. Taking into account the price he will have to pay, Murdoch, 47, stands to make £47 million at the current share price and can cash in all the shares from next year.
Musk could personally pocket £40 billion – by far the largest bonus in corporate history – if the 49-yearold hits targets for Tesla over the next eight years, including increasing its market value to $650 billion (£520 billion).