It looks like Tesla CEO — and Reuters reported Monday.— Elon Musk is $700 million richer after the carmaker hit a six-month average value of over $100 billion, according to Refinitiv data
On Monday, Tesla’s stock market value reached a six-month average of $100.2 billion.
Thecomes after Tesla achieved numerous targets put in place as part of a 2018 compensation package for Musk. The CEO doesn’t receive any salary for that position, nor bonuses. Instead, he’ll receive stock purchase options in various tranches as Tesla grows. For the first, Tesla needed to reach a market value of $100 billion, hold that value for a one-month average and then sustain a $100 billion valuation over a six-month average.
The automaker also needed to achieve various other operational milestones, which it did under Musk at the helm.
This first payday allows Musk to purchase 1.69 million shares of Tesla stock at $350.02 per share. Tesla’s closing share price yesterday was $761.19, which equals a $694 million profit for Musk, were he to sell the shares immediately. The milestone comes after a strange moment last Friday when Musk saidin his opinion, which led the price to drop by 10%.
Overall, Tesla stock has fared well, despite thepandemic and stay-at-home orders that . The company also reported a despite lagging car sales globally.
Musk currently has a net worth of $39 billion, according to Forbes, making him the 31st richest person in the world.