The payout is part of Musk’s contract with Tesla’s board of directors, which provided him with 12 tranches, each released when a predetermined set of milestones are reached. The last hurdle for the billionaire was for Tesla’s average market capitalization over the past six months to hit $100 billion USD, a feat achieved earlier this week. The other three conditions, which involve a $100 billion USD trailing market value over 30 days, $20 billion USD in the company’s revenue, as well as $1.5 billion USD in earnings, have all been previously met already.
As a result, Musk has now unlocked 1.69 million stock options, which he can purchase at just $350.02 USD per share. With the electric vehicle manufacturer’s current 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.
At 48 years old, Musk currently already owns a $38.5 billion USD fortune.
In other Tesla-related news, a YouTuber and car designer has imagined the Cybertruck as a military vehicle.