Elon Musk has just secured a huge payday as Tesla’s average market capitalization over the past six months has reached $100 billion. Because of this, Musk can now unlock 1.69 million stock options priced at $706 million, Bloomberg reports.
As of Tuesday, Tesla stock climbed .9 percent to close at $768.21. Musk can in turn purchase the stock at $350.02 per share and then sell to make the $706 million.
This is the latest performance goal met by Musk from his Tesla contract, following three others that have already been achieved, including $100 billion average trailing market value over 30 days, $20 billion in revenue, and $1.5 billion in earnings.
Bloomberg points out that the Tesla CEO’s compensation package — which is split into 12 tranches — accounts for the largest corporate deal ever between a CEO and board members. If he meets each goal, Musk will earn over $50 billion, which would more than double his current $38.5 billion fortune.
For more on Elon Musk’s recent payday, visit Bloomberg.