Tesla rally may qualify Elon Musk for $700 million payout — 3 days after he complained that shares were too expensive

• Tesla's Monday rally may qualify Elon Musk for the first part of a 12-tranche compensation package just days after the CEO disagreed with Tesla's lofty share price.
• The automaker jumped 8% in Monday trading to reach a six-month market cap average of $100 billion for the first time, Reuters reported.
• The event should trigger the executive payday, giving Musk the ability to buy 1.69 million Tesla shares at $350.02 each. The company closed at $761.19 per share on Monday.
• The possible payout comes three days after Musk tweeted, "Tesla stock price is too high imo." The message pushed shares down as much as 13% on Friday before some losses were pared.
• Watch Tesla trade live here.

Tesla's 8% gain on Monday likely qualified CEO Elon Musk for a $700 million compensation package, mere days after the chief executive criticized the firm's share price.

The Monday rally placed Tesla's market cap at $141.1 billion and breached a six-month market cap average of $100 billion, Reuters first reported, citing Refinitiv data. Meeting the latter condition triggers the first of a 12-part compensation package for Musk to buy Tesla stock at lower prices.

Two other conditions focused on the stock's one-month market cap average and Tesla's growth target had already been met. The stock options are part of a pay package agreed upon in 2018.

Each of the 12 tranches in the compensation package allows Musk to buy 1.69 million Tesla shares at $350.02 each. The automaker closed at $761.19 per share on Monday, making the reward worth roughly $694 million.

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The Monday rally follows Musk tweeting, "Tesla stock price is too high imo" on Friday. The message prompted a 13% decline in the company's share price before some losses were pared and it closed down about 10%.

Musk's next stock options will trigger at every $50 billion added to Tesla's market cap. A full payout of the package's 12 tranches requires the firm's market cap to top $650 billion, and stands to reward Musk with the largest payday granted to a US executive.

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