Elon Musk welcomes a new-born baby. He's also eligible to receive a tranche of his compensation package worth $700 million.
Last week, Tesla (NASDAQ:TSLA) chief executive Elon Musk was at the center of controversy. The business magnate was far from his best behavior as he openly challenged shelter-in-place orders, called the lockdown “fascist,” and went on an expletive-laden rant at Tesla’s first-quarter earnings report.
To top it all off, Musk tweeted that his company is overvalued. His antics wiped out $15 billion in Tesla’s market cap after the stock plunged 10% on Friday.
But today is a new day, and Musk has probably dusted off his bad vibes. In the last 24 hours, Musk met his newborn son and satisfied the criteria to receive a boatload of Tesla stock.
Congratulations are for the Tesla executive and his long-term partner–Canadian pop artist Grimes. The couple welcomed a healthy baby boy to the delight of their fans on Twitter.
The Tesla head tweeted that “Mom & baby [are] all good.” Still, Musk’s Twitter followers pestered him for the boy’s name, to which he replied:
X Æ A-12 Musk
TSLA’s 8% surge on Monday drove the company’s market capitalization to $141.1 billion. The stock’s recovery allows the company to cross the coveted six-month average of $100 billion. Tesla’s milestone triggers the vesting of the first of 12 tranches granted to Musk as part of the compensation package approved by shareholders in 2018.
Musk already hit two other requirements, including a particular growth target and a one-month average $100 billion market cap. The triggering of the first tranche allows Musk to buy 1.69 million TSLA shares at $350.02 each. Should Musk sell his shares at the closing price of $761.19, he can take home close to $700 million.
The sale would push the net worth of Tesla’s CEO north of $40 billion. That’s probably enough for Musk to let loose and troll his one-day-old son.
It looks like Elon Musk is in better spirits. I bet he’ll appreciate being locked down with his adorable baby boy.
Disclaimer: This article represents the author’s opinion and should not be considered investment or trading advice from CCN.com. The writer does not own Tesla (TSLA) shares.
Last modified: September 23, 2020 1:55 PM