On Tuesday, Tesla CEO Elon Musk met all the requirements needed to unlock his 1.69 million stock options as written in his contract with Tesla’s board of directors.
In his contract are 12 tranches which are now fully unlocked, after all conditions were met. The latest and last unlocked condition was that Tesla’s average market capitalization over the past six months must hit $100 billion, which is now completely achieved.
Tesla Market Cap. presently sits on $144.354 billion, just about $26 billion from overtaking world most valuable car manufacturer, Toyota.
Other hardest three conditions, which involve a $100 billion USD trailing market value over 30 days, $20 billion USD in the company’s revenue, and $1.5 billion USD in earnings, were all met this week.
That said, Elon Musk is now officially $706 million USD richer if he chose to sell his unlocked 1.69 million stock options, which he can purchase at just $350.02 USD per share. With the electric vehicle manufacturer’s stock price at $768.21 USD, the CEO can potentially sell his shares immediately to make $706 million USD, the biggest amount ever paid at once to any executive in U.S. history.