Tesla's Musk earns $770M in stock options, company confirms

An SEC filing says Musk can buy 1.69 million shares of Tesla stock for $350.02 each

Its been quite a week for Tesla CEO Elon Musk.

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Its a week in which his aerospace company SpaceX is scheduled to make history with the company's first manned rocket launch, Musk also saw his net worth soar.

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SpaceX's first launch attempt on Wednesday was postponed due to bad weather. It has been rescheduled for Saturday.

To cushion the blow from that delay, Tesla confirmed Thursday that Musk will get the first payout worth nearly $770 million of a his stock-based compensation package.

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The company hit several financial goals to nail it down including, hitting $20 billion in total revenue for four quarters and a total market value of $100 billion.

The payout was confirmed by a filing with the Securities and Exchange Commission.

The filing says Musk can buy 1.69 million shares of Tesla stock for $350.02 each.

TickerSecurityLastChangeChange %
TSLATESLA INC.1,516.80+19.74+1.32%

The payout is based on the difference between the option price and Thursday’s closing share price of $805.81.

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Musk earned the options as part of an audacious compensation package approved by the board in 2018.

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The shares must be held for a minimum of five years.

The Associated Press contributed to this article.