As the Space X rocket reached orbit on Saturday, the Tesla CEO locked in a 9-figure payday. According to reports, Elon Musk earned $770 million in Tesla stocks after the Nasa x Space X rocket successfully reached orbit.
A CNN report reads that because of Tesla reaching certain operational goals, Musk unlocked access to 1.7 million shares of Tesla at $350 a share. Tesla stock is currently $898.10 per share.
The Billionaire engineer has not yet exercised the option as is normal unless the offer is close to expiration or if the stockholder plans to sell according to the CNN report.
Musk’s successful launch of the Crew Dragon rocket was the first for the private company SpaceX and the first from American soil since 2011. This was also the first launch for any private company in American history. The rocket is being manned by Astronauts Doug Hurley and Robert Behnken.
This unclaimed $770 million payday is the first of 12 potential large payouts that could one day make Musk the richest man in the world. The current plan if Musk should hit more operational goals could land the 48-year-old 20 million shares of the company that would theoretically lift him past Amazon CEO Jeff Bezos.