Elon Musk reaches first Tesla compensation award worth nearly $800 million
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Tesla CEO Elon Musk has unlocked the first of 12 possible stock option awards from the massive compensation plan he signed in 2018, and it’s worth nearly $800 million. The company disclosed on Thursday that Musk now has the option to buy 1.69 million of its shares because Tesla eclipsed $20 billion in total revenue over the last four quarters and a market capitalization of more than $100 billion — the first in a series of tandem milestones Tesla must hit for Musk to realize the full value of the plan.
Tesla’s stock price was $805.81 when the markets closed on Thursday, meaning those shares are worth about $1.36 billion. But Musk only has to pay a $350.02 per share “strike price” to get them, according to the agreement, or a total of…