Elon Musk, CEO of Tesla, is in position to cash in on $700 million in stock options.
Tesla’s stock market value reached a six-month average of $100.2 billion, according to an analysis of Refinitiv data, which triggers the vesting of the first of 12 tranches of options of Tesla stock that Musk can buy as part of a pay package agreed to in 2018.
According to Reuters, Musk has already met two other requirements by hitting a growth target and far exceeding a one-month average $100 billion market cap.
Each tranche gives Musk the option to buy 1.69 million Tesla shares at $350.02 each.
Tesla is trading over $781 in intraday trading on Tuesday. The stock is up 217% in the past year.
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