United States

Tesla stock rise triggers $700 million payday for Elon Musk

Tesla’s meteoric stock growth on Monday qualified CEO Elon Musk for a $700 million payday, just three days after he tweeted that the share price was “too high.” The electric automaker’s 8 percent spike on Monday brought the company’s stock market value to an average of more than $100 billion over the past six months, triggering the first milestone in the 48 year-old’s $50 billion pay package. With the $100 billion average safely in pocket, Musk now has the option to buy 1.69 million Tesla shares at $350 a pop. At Tesla’s Monday closing price of $761, the billionaire could flip his new shares for a profit of just under $700 million. To earn his full, $50 billion award, Musk would have to lead Tesla to a market cap of $65 ...