Elon Musk is formally on the cash.On Thursday, the Tesla CEO turned eligible to cash in on a controversial payday that would result in greater than $ 700 million.The electrical automotive maker he mentioned in a presentation that his board had licensed the operational milestone wanted to unlock first prize in Musk’s gorgeous $ 50 billion pay package deal, which required him to drive the value of the Tesla stock market to a median of greater than $ 100 billion within the final six months.Musk now has the choice to purchase 1.69 million Tesla shares at $ 350 per pop. At Tesla’s closing price on Thursday of $ 805.81, the billionaire may make investments his new shares for a revenue of roughly $ 775 million.Musk’s award comes simply weeks after he listed two Bel Air mansions on actual property web site Zillow, after a sequence of tweets through which he mentioned Tesla’s stock price was “too high” and that “it wouldn’t be proprietor of no home “and would eliminate most of his possessionsTo win his full $ 50 billion prize, Musk must drive Tesla to a market capitalization of $ 650 billion by 2028. Tesla’s board signed the compensation package deal in March 2018, when the market capitalization of Tesla was $ 52.46 billion.Musk nonetheless has eight years to beat 11 extra valuation hurdles, primarily in $ 50 billion increments, costing him roughly $ 5 billion every. If Tesla fails every other milestone, Musk will obtain no extra money from Tesla.The South African-born billionaire doesn’t obtain a Tesla wage and solely earns cash via performance-based rewards.A full reward for Musk, who can be the bulk proprietor and CEO of rocket maker SpaceX, would exceed something beforehand awarded to American executives.
