Another big payday for Elon Musk as he brings his aggregate haul to $11.8 billion

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Tesla will pay its CEO Elon Musk the fourth tranche of his payout from the electric-car maker, pushing the outspoken founder’s total stock awards to-date to roughly to $11.8 billion.

Based on a regulatory filing on Monday, Bloomberg reported that Tesla recently surpassed the performance thresholds for market value and adjusted earnings before adjusted interest, taxes, depreciation, and amortization. This reportedly unlocks yet another 8.44 million options for the billionaire CEO.

Musk will have to lead Tesla to a market cap of $650 billion by 2028 if he is to earn his full $50 billion awards. The company’s board signed off on the compensation package in March 2018, when the company’s market cap was just $52.46 billion.

Tesla is leading the pack as the world’s most valuable automaker as of Monday, with a valuation of over $385 billion.

After a surge in Tesla’s stock, the business magnate in May received the first installment of the massive options award he was granted in 2018. Musk collected the second and third installments in July and September, respectively.