Tesla shares (TSLA) have dropped nearly $100 since the 5-for-1 stock split late last month, but that hasn’t stopped CEO Elon Musk from earning another big payday in the form of TSLA options.
To earn the third tranche of Musk’s pay package, Tesla had to have a $200 billion market capitalization average over the prior 6 months. This target was achieved on Friday, despite the recent drop in share prices.
In addition, Tesla must post revenue of $35 billion or $3 billion in adjusted earnings before interest, taxes, depreciation and amortization, over four consecutive quarters. This target was achieved on June 30, according to a regulatory filing, reports Bloomberg.
With both targets met, Musk will have another 8.44 million stock options added to his 16.9 million options that were awarded in two other tranches earlier this year.
With current prices, his latest haul would be equivalent to approximately $2.9 billion, if he were to cash them in.
Legal Disclaimer – Mike holds shares of Tesla, Inc. (TSLA) and has no plans to change any positions within 72 hours.
