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15 Feb, 2020 07:04

Skyrocketing Tesla stock may soon make Elon Musk the richest person in the world

Skyrocketing Tesla stock may soon make Elon Musk the richest person in the world

Tesla CEO Elon Musk may finally get his huge paycheck by mid-spring if shares of the electric carmaker stay stable and the company manages to keep its average market cap above $100 billion.

Tesla stock has rocketed nearly 250 percent in six months and hit a benchmark $100 billion market capitalization for the first time in its history in January. The stock rally even allowed the company to break the $150 billion threshold earlier in February, before the prices settled to around $800 per share on Friday.

Also on rt.com Tesla becomes biggest automaker in US history by market cap despite struggling to scratch out a profit

If Tesla manages to keep the position for the next several months, CEO Elon Musk, who doesn't get salary or bonuses, will finally be eligible to get his paycheck in April under the terms of his 2018 compensation package. Apart from several financial targets the company has already met, Tesla needs to stay above the $100 billion market value on both a 30-day and six-month trailing average.

This will allow Musk to buy 1.7 million of Tesla shares, with the stock option expected to add $346 million to the billionaire’s impressive fortune.

Musk currently has a stake in Tesla worth about $12 billion. If he can reach his goal of turning Tesla into a $650 billion company, he will become the richest person on the planet and dethrone Amazon's CEO Jeff Bezos.

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