CEO OF TESLA ELON MUSK JUST MADE $770 MILLION

Wednesday, June 3, 2020, 11:12 AM GMT-5

The CEO of Tesla (TSLA) and SpaceX has fulfilled his longtime dream of launching two American astronauts into space for the first time in over a decade. Has a result Musk received 1.68 million shares, which guaranteed him a payment of $ 770 million.

The SpaceX flight got national coverage on Saturday. The CEOs payday received much less attention; this can be because it was already expected.

As part of a compensation plan approved by Tesla shareholders two years ago, Musk was able to buy 1.7 million Tesla shares at $ 350.02 a share, well below half the current price.

space ship rocket CEO OF TESLA ELON MUSK JUST MADE $770 MILLION

The aid was granted because Tesla achieved some of the targets operated in the plan and had a market value greater than US $ 100 billion for six months. This market target was reached in early May.

Elon Musk will make a theoretical profit of $ 770 million since the close of trading on Thursday, the day the options were officially approved. By the end of Friday, the value had reached nearly $ 820 million, and stocks rose further at the start of trading on Monday.

However, Musk has not yet seized the opportunity, which is not uncommon. Executives who receive options generally do not exercise before their expiration, unless they intend to sell the shares immediately.

Musk already owns 38.7 million Tesla shares, representing a 20.8% stake in the company worth $ 32.3 billion at the end of the deal on Friday.

The 1.7 million options are the first 12 possible obtainable blocks of stock, which can result in an additional 20.3 million shares. This could make Musk the richest man in the world or if he prefers the solar system. But Tesla will need to achieve a more ambitious set of operational goals, and market values to attain that height.

It was not ot all good news for Musk last week as SpaceX exploded on Friday during tests of the Starship system, a spacecraft, and a rocket that the company is in the early stages of development at remote facilities in Boca Chica, Texas. Friday, the latest version of the Starship, called SN4, exploded during ground tests. SpaceX declined to comment on the explosion, but no injuries were reported.






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