Jae C. Hong/AP
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.
