Elon Musk is getting close to the first big payday from his massive stock package.
In 2018, Tesla shareholders approved a pay package for Mr Musk that pays him only in company stock options, and only if the company hits aggressive growth targets, both for its operations and for its total market value.
It could eventually make him the richest man in the world.
So far, it hasn’t given him a single share of the stock.
But the recent run-up in Tesla stock – up nearly 30 per cent so far this year as it has tripled in value since early June – means he’s getting close to the first of 12 big paydays he could eventually receive.
That would come in the form of options to purchase 1.7 million shares of the stock at a reduced price.
The net value of those options – the difference between the share price and the exercise price – would be more than US$350 million (A$507 million) for just this block of options.
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