Tesla Chief Executive Elon Musk qualified on Tuesday for a payout worth an unprecedented $2.1 billion, his second jackpot since May from the electric car maker following its massive stock surge.
Tesla’s stock was down 3% in afternoon trading, eroding a recent rally that has elevated the company’s market capitalization to almost $300 billion, larger than any other carmaker.
Despite Tuesday’s stock dip, and importantly for Musk’s personal finances, Tesla’s six-month average market capitalization for the first time has reached $150 billion. That triggers the vesting of the second of 12 tranches of options granted to the billionaire in his 2018 pay package to buy Tesla stock at a discount. Musk, who is also majority owner and CEO of the SpaceX rocket maker, receives no salary.
Even with Tuesday’s decline in Tesla’s stock, its six-month average market capitalization rose, thanks to the stock’s strong rally in recent months.
In early May, Musk’s first tranche vested after Tesla’s six-month average stock market value reached $100 billion.
Musk has already achieved targets related to Tesla’s financial growth that are also required in order to vest the latest options tranche.
Each tranche gives Musk the option to buy 1.69 million Tesla shares at $350.02 each, less than a quarter of their current price. At Tesla’s current stock price of $1,594, Musk would theoretically be able to sell the shares related to the tranche that vested in May and the current tranche for a combined profit of $4.2 billion, or almost $2.1 billion per tranche.
Musk’s first tranche was worth about $700 million in May, when it vested, but its value has since increased along with Tesla’s stock price.
The median compensation for Tesla employees last year was about $58,000, according to a company filing.
Tesla’s stock has surged more than 500 per cent over the past year as the company increased sales of its Model 3 sedan.
Following higher-than-expected second-quarter vehicle deliveries, some investors believe Tesla might report a profit in its second-quarter report on Wednesday after the bell. That would mark four consecutive profitable quarters, a first for Tesla and a key hurdle for it to be added to the S&P 500 index.
Analysts on average expect a $240 million loss for the quarter, according to Refinitiv. A month ago, analysts expected a loss of almost $340 million.
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Ontario adds 151K new jobs in July, majority are part-time positions – CTV Toronto
Ontario added 151,000 new jobs in July, the country’s national statistics agency said, but the majority of them were part-time positions.
After losing more than one million jobs in a three-month time span following the declaration of the COVID-19 pandemic, Ontario added about 378,000 jobs in June. In July, employment in the province grew by 2.2 per cent.
The Labour Force Survey (LFS) released on Friday, which used the week of July 12 to 18 as a sample, said that businesses and workplaces across Canada have continued to reopen after being shuttered due to COVID-19 restrictions. At the same time, the survey was conducted while much of the province was still in Stage 2 of Ontario’s economic reopening plan.
“Although public health restrictions had been substantially eased in most parts of the country—with the exception of some regions of Ontario, including Toronto—some measures remained in place, including physical distancing requirements and restrictions on large gatherings,” Statistics Canada said.
Of the 151,000 jobs added in Ontario, Statistics Canada said that about 145,000 were part-time positions. The agency attributed that number to the fact that part-time workers were hit hardest by the shuttered economy months ago.
“This was due to a number of factors, including part-time work being more prevalent in industries that were most affected by the COVID-19 economic shutdown, namely retail trade and accommodation and food services.”
Ontario’s unemployment rate has now fallen to 11.3 per cent, down from 12.2 per cent the previous month.
In Toronto, employment also rose by about 2.2 per cent, with close to 26,000 jobs added in the city. Statistics Canada says that employment in Toronto has now reached 89.9 per cent of its February, pre-COVID-19 level.
Ontario Premier Doug Ford posted a brief message on social media Friday afternoon saying he was happy to see the July labour numbers.
“What I love are the job numbers today, 150,000 people going back to work, the premier said in a video on Twitter, noting that there is still work to do to rebuild the province’s economy.
“That is great news for the people of Ontario.”
About 419,000 jobs were gained across Canada in the month of July, reducing the national unemployment rate to 10.9 per cent.
16 new cases of COVID-19 reported in Manitoba Saturday – Global News
Manitoba public health officials announced 16 new cases of COVID-19 in the province Saturday.
That brings the total number of cases in Manitoba to 507.
Coronavirus: Should Walmart, other big-box stores make its customers wear masks?
The province said Manitoba has now performed 100,074 tests for COVID-19 with 1,263 lab tests completed on Friday. The test positivity rate for Manitoba is 1.23 per cent.
The active caseload is 148 with 351 people considered recovered.
Nine people are in hospital due to the virus with three of those in the intensive care unit. The number of deaths attributed to the virus remains unchanged at eight.
Health officials say 12 of the new cases are from the Prairie Mountain health region and four are from the Southern health-Sante Sud health region.
While case investigations are ongoing, the province says a majority of today’s cases appear to be linked to known clusters in the Brandon area or close contacts.
© 2020 Global News, a division of Corus Entertainment Inc.
South Regina Walmart sees second COVID-19 exposure alert in 2 days – CTV News
The Saskatchewan Health Authority has sent out a COVID-19 exposure alert for a Walmart in south Regina, for the second time in two days.
In a release, the SHA said the Walmart Grasslands location in Regina was possibly exposed to the virus on August 5, between 11:15 a.m. and 11:45 a.m.
Although risk of transmission to the public is low, the SHA is advising anyone who visited the store during the affected times to monitor for COVID-19 symptoms for 14 days.
The SHA sent out an alert about a separate instance of COVID-19 exposure at this location, in a release Friday.
Symptoms include fever, cough, headache, muscle and/or joint aches and pains, sore throat, chills, runny nose, nasal congestion, conjunctivitis, dizziness, fatigue, nausea/vomiting and diarrhea.
COVID-19 testing is available to anyone who wants it. If symptoms develop call 811 to get a referral for a test.
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