ELON MUSK HAS UNLOCKED HIS RECORD OF $706 MILLION USD PAYOUT

The final challenge for the billionaire was to hit $100 billion USD for the total market capitalization of Tesla over the past six months, a feat accomplished earlier this week.

By Balthazar Malevolent

ELON MUSK HAS UNLOCKED HIS RECORD OF $706 MILLION USD PAYOUT

The last condition for the release of infamous Elon Musk's first 12 tranches was met on Tuesday thanks to Tesla's stock price, providing the CEO with a historic payday worth $706 million USD.

The payout is part of Musk's contract with Tesla's board of directors, which provided him with 12 tranches, each released upon reaching a set of predetermined milestones. The final challenge for the billionaire was to hit $100 billion USD for the total market capitalization of Tesla over the past six months, a feat accomplished earlier this week. The other three conditions, involving a trailing market value of $100 billion over 30 days, $20 billion in revenue from the company, as well as $1.5 billion in earnings, have all been met beforehand.

Musk has now acquired 1.69 million stock options, which he can buy at just $350.02 USD per share. With the current stock price of the electric vehicle manufacturer at $768.21 USD, the CEO may potentially sell his shares immediately to make up $706 million USD, the largest amount ever paid to any executive in U.S. history at once.

Musk already holds a fortune of USD $38.5 billion at the age of 48.

In addition to his main businesses, Musk has envisioned a high-speed transportation system known as the Hyperloop, and has proposed a vertical jet-electric aircraft with electric fan propulsion, known as the Musk electric jet, to take off and land. Musk has said SpaceX, Tesla and SolarCity's goals revolve around his vision of "changing the world and helping humanity." His aims include reducing global warming by generating and using renewable energy, and raising the possibility of human extinction by creating a human colony on Mars.

Two years ago, Elon Musk revealed that his SpaceX aerospace company is sending two tourists out on a moon trip. Thanks to his Y-3 by Yohji Yamamoto x SpaceX sneaker idea, designer Clement Fernandes made us look cool as we went out into space, towards Mars in particular. The Y-3 x SpaceX was created with a nylon upper paired with carbon nanotubes.

Elon Musk SpaceX: Y-3 x SpaceX sneaker concept.
Elon Musk SpaceX: Y-3 x SpaceX sneaker concept.
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