Tesla shares fall despite electric carmaker’s first annual profit

Bumper payout to CEO Elon Musk and move to cheaper EV models means earnings missed forecasts

Tesla shares fell in after-hours trading after the electric carmaker’s earnings fell short of expectations, despite recording its first annual profit, after a bumper payout to its chief executive, Elon Musk.

Operating income rose to $575m (£420m) in the fourth quarter, but it was held back by a $267m payout for Musk. Under a scheme waved through by investors in 2018, Musk could eventually be eligible for awards worth up to $55.8bn as the share price rises.

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