Musk, who owns about 20% of Tesla and the majority of SpaceX, has already jumped from the world’s 35th richest person to its 22nd wealthiest this year, Bloomberg said. He passed Amazon boss Jeff Bezos’ ex-wife, MacKenzie, as well as Nike cofounder Phil Knight and casino tycoon Sheldon Adelson on the way.
Tesla’s market capitalization recently passed $100 billion, the first of 12 valuation milestones Musk needs to hit and sustain as part of his $50 billion compensation package. The startup’s stock jumped another 20% on Tuesday, boosting its market cap to over $140 billion — not far off the second milestone of $150 billion.
If Tesla’s market cap rises to at least $650 billion and stays there, and Tesla grows its 12-month revenues to $175 billion and its adjusted profits to $14 billion, Musk would unlock the full windfall.