OAKLAND, Calif. (Reuters) – Tesla Inc Chief Executive Elon Musk is on the cusp of a roughly $750 million payday as the electric carmaker’s stock recovers from a slump caused by the coronavirus, which led the company to close its factories and furlough workers.
FILE PHOTO: SpaceX owner and Tesla CEO Elon Musk arrives on the red carpet for the automobile awards “Das Goldene Lenkrad” (The golden steering wheel) given by a German newspaper in Berlin, Germany, November 12, 2019. REUTERS/Hannibal Hanschke
Shares of Tesla surged 10% on Monday ahead of the company’s quarterly report this week, and in anticipation it could soon reopen its Fremont, California, plant after it was shuttered because of the pandemic.
Monday’s rally put Tesla’s market capitalization at $145 billion. Importantly for Musk, its stock market value reached a six-month average of $96 billion. Hitting a six-month average of $100 billion would trigger the vesting