(Bloomberg) -- A measure of Tesla Inc.'s market value on Tuesday reached the threshold needed for Chief Executive Officer Elon Musk to collect the first chunk of his moonshot pay award.
The electric-car maker's average trailing market capitalization over six months topped $100 billion at the close of trading, according to data compiled by Bloomberg.
As a result, Musk is eligible to unlock 1.69 million stock options, which he can exercise at $350.02 apiece. The stock climbed 0.9% to close at $768.21, giving the options a value of $706 million.
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Three other performance goals -- $100 billion average trailing market value over 30 days, $20 billion in revenue and $1.5 billion in earnings before certain adjustments -- had already been met.
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Musk's complete compensation package -- the largest corporate pay deal ever struck between a CEO and a board of directors -- includes 20.3 million options, split into 12 tranches, that could yield Musk more than $50 billion if all goals are met, according to Tesla's estimates.
A representative for the company didn't immediately respond to a request for comment.
Musk, 48, is already among the world's richest people with a $38.5 billion fortune, according to the Bloomberg Billionaires Index.
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