Tesla's Musk earns $770M in stock options, company confirms

Tesla CEO Elon Musk has qualified for a compensation package worth about $770 million after the electric vehicle company hit certain goals reflecting its rapid growth in recent years.

Tesla confirmed that CEO Elon Musk earned the first tranche of his massive incentive payout, in a document filed with the Securities and Exchange Commission on Thursday. He can now buy 1.69 million shares at $350.02 apiece. This same option, after the cost to purchase the shares, would net the CEO a profit of almost $775 million if sold at Thursday's closing price of $805.81.

The compensation package deal for Musk, who based Tesla and constructed it into the main electrical automobile maker, is being challenged in courtroom by a shareholder who accuses the board of getting failed in its duties.

Musk owned 20.8% of Tesla as of December 31, a stake worth more than $31 billion as of Thursday. The company also reached $1.5 billion in adjusted pretax earnings, but that must still be certified by the board, the filing said.

More news: L.A. Mayor Imposes Curfew Following Protests Over Dead Of George Floyd

However, if exercised, Musk would be required to hold the shares for a minimum of five years, which could net an even larger payday should Tesla's stock price continue to rise-something required for Musk to unlock the next levels of his compensation package. It's one of the biggest corporate pay packages in USA history.

Musk has earned the first portion of stock options for keeping Tesla's market capitalization at $100 billion on a 30-day six-month trailing average.

Since the Wuhan coronavirus pandemic began, Tesla has focused heavily on reopening its manufacturing facilities.

In an email obtained by the Guardian from Tesla's management to its workers, the firm stated: "Choosing not to report to work may eliminate or reduce your eligibility for unemployment depending on your state's unemployment agency".

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