It's a little ironic that a guy who wants to shed himself of all worldly possessions including actor and comedic legend Gene Wilder's former Los Angeles estate just hit the proverbial $700 million jackpot.
That's what Tesla (TSLA) - Get Report founder and CEO Elon Musk as of Tuesday is now eligible to collect in the form of stock options after the electric carmaker’s market capitalization reached $141.1 billion at the close of trading on Monday.
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.
Musk has already met two other requirements by hitting a growth target and far exceeding a one-month average $100 billion market cap, according to Reuters.
Each tranche gives Musk the option to buy 1.69 million Tesla shares at $350.02 each. At Tesla’s closing stock price of $761.19, Musk would theoretically be able to sell the shares for a profit of $694 million.
The windfall stands in stark contrast to Musk's musings on Twitter last week, in which he stated that Tesla’s stock price was “too high” and insinuated that he was ready to part with all of his physical possessions, including his house - though he stipulated that the house, once owned by Wilder, cannot be altered or torn down.
Musk, who is also the majority owner and CEO of the SpaceX rocket maker, receives no salary or cash bonus - only options that vest based on Tesla’s market cap and set milestones for both revenue and profit growth.