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Tesla value tops $100bn setting Elon Musk up for US$346mln pay day

In 2018, shareholders voted for Musk to be paid in company stock options only, based on operations and market capitalisation targets

Tesla boss Elon Musk
Tesla breached the $100bn level in Tuesday trading and continued to rise on Wednesday

Tesla Inc (NASDAQ:TSLA) has seen its valuation top $100bn meaning the electric vehicle maker's chief executive Elon Musk is in line for a US$346mln pay package.

The NASDAQ-listed firm breached the level in Tuesday trading and continued to rise on Wednesday - up 3% to over $565 a share - with the stock having more than doubled in three months.

In 2018, shareholders voted for Musk to be paid in company stock options only, based on operations and market capitalisation targets.

READ: Tesla begins to turn off Wall Street scribes despite recent share tear

The first option will be realised now the electric vehicle maker's value has touched the US$100bn market value, if it keeps at that level for both a one-month and six-month average.

This first milestone will allow Musk to receive 1.7mln Tesla shares at a reduced price, for a net value of US$354mln.

The following tranches will be triggered for each US$50bn bump up in market value over ten years, for a total of US$650bn, alongside other revenue and profit targets.

Quick facts: Tesla Inc

Price: 800.03 USD

NASDAQ:TSLA
Market: NASDAQ
Market Cap: $144.2 billion
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