Musk has officially earned his first bonus tranche of $775 million from Tesla

Musk has officially earned his first bonus tranche of  $775 million from Tesla

In a filing with the SEC today, Tesla confirmed that Elon Musk the first payout of his massive incentive plan which gives the tech billionaire access to 1.7 million shares at a $350 price. which would be valued at around $775 million based on today’s share price.

“As of the date of this proxy statement, one of the 12 tranches under this award has vested and become exercisable, subject to Mr. Musk’s payment of the exercise price of $350.02 per share and the minimum five-year holding period generally applicable to any shares he acquires upon exercise.”

Musk will still need to float the money to buy the shares at this price and at the time of writing it is unclear whether he has done this yet or not, especially given his recent streak of selling assets. Musk does not take a salary from the company but currently owns 18.5% of Tesla.