Revolut boss set for Elon Musk-style payday at $150bn valuation
The chief executive of Revolut could be set for a multibillion-dollar payout if the fintech’s valuation passes the $150bn milestone, sparking comparisons to Elon Musk’s controversial Tesla package.
Nik Storonsky, who founded Revolut in 2015, has an incentive deal which would increase his stake in the London-based fintech by several percentage points if the valuation more than triples its current level.
Should the company hit all its targets, the total number of shares available to Storonsky could be as much as ten per cent of the company, as reported by the Financial Times.
The package would include gradual pay bumps to Storonky’s takings, as Revolut hits higher valuation milestones.
This mirrors Musk’s whopping $56bn performance-based package for Tesla in 2018.
The tech entrepreneur would not receive a salary or cash bonus, but instead could earn 12 tranches of stock options.
These options would be unlocked as Tesla hit different goals relating to market value, revenue and profitability. The full payout required Tesla’s valuation to top $650bn, an ambition the firm achieved in 2021.
But the deal sparkled legal controversy as shareholders argued Musk was being handed a disproportionate package despite the strong performance.
A US judge voided the package in 2024 after it was alleged the board was not independent, and engaged in feigned negotiations that resulted in giving Musk an outsized package
Revolut’s acceleration to the top
Revolut was valued at $45bn in late 2024 after a secondary share sale.
The fintech more than doubled its pre-tax profit in the 2024 financial year, after topping £1bn for the first time.
Active customers swelled 38 per cent to 52.5 million, topping some of the UK’s biggest lenders.
Revolut launched its own crypto exchange, dubbed Revolut X, last year, capitalising on increased trading activity in the cryptocurrency space.
City officials had eyed the firm for a London-listing, hoping it would provide a much-needed shot in the arm to the embattled London Stock Exchange.
But, Storonky shot down hopes last year when he blasted an IPO on the London market as “not rational” due to the the US having “much more liquid [and] trading in the US is free.”