SAN FRANCISCO — Tesla Inc. CEO Elon Musk is on the cusp of a roughly $750 million payday as the electric carmaker’s stock recovers from a slump caused by the coronavirus, which led the company to close its factories and furlough workers.
Shares of Tesla surged 10 percent on Monday ahead of the company’s quarterly report this week, and in anticipation it could soon reopen its Fremont, Calif., plant after it was shuttered because of the pandemic.
Monday’s rally put Tesla’s market capitalization at $145 billion. Importantly for Musk, its stock market value reached a six-month average of $96 billion. Hitting a six-month average of $100 billion would trigger the vesting of the first of 12 sets of options granted to the billionaire to buy Tesla stock as part of his two-year-old pay package.
Each set gives Musk the option to buy 1.69 million Tesla shares at $350.02 each. Taking Monday’s Tesla closing stock price of $798.75 as an example, Musk could sell those shares for a profit of $758…