Elon Musk likely $700M richer as Tesla hits value targets
Looks like Elon is an even richer man.
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It looks like Tesla CEO – and proud father – Elon Musk is $ 700 million richer after the automaker reached a six-month average of over $ 100 billion, according to Refinitiv Reuters reported Monday.
On Monday, Tesla’s market value reached a half-year average of $ 100.2 billion.
The payday comes after Tesla has achieved numerous goals set in 2018 as part of a Musk compensation package. The CEO receives neither salary for this position nor bonuses. Instead, he gets stock purchase options in different tranches as Tesla grows. First, Tesla had to reach a $ 100 billion market value, consider that a monthly average, and then maintain a $ 100 billion valuation above a six-month average.
The automaker also had to achieve various other operational milestones that it reached under Musk at the top.
On this first payday, Musk can purchase 1.69 million Tesla shares at a price of $ 350.02 per share. Tesla’s closing price yesterday was $ 761.19, which would be a $ 694 million profit for Musk if he sold the stock immediately. The milestone comes after a strange moment last Friday when Musk said Tesla share was “too high” in his opinion, which dropped the price by 10%.
Overall, the Tesla share performed well despite the development Corona virus This is commanded by the pandemic and stay at home close the automaker’s factory in Fremont, California. The company also reported a First quarter profit despite worldwide backward car sales.
Musk currently has a net worth of $ 39 billion. according to ForbesHe is the 31st richest person in the world.
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