Musk nears $346 million payday as Tesla market value soars

Tesla CEO Elon Musk has every reason to dance.

Shares of the electric carmaker more than doubled in the past three months.

And if the stock keeps rising, that would unlock $346 million worth of stock options for Musk, the first payment of a ten-year performance-based deal signed in 2018.

But for the billionaire to secure the payout, the company's market value must reach $100 billion.

Then, roughly stay at that level for six months.

For the rest of his options to vest, the company's market cap must continue to rise by $50 billion increments over the deal's 10-year period.

Musk receives no salary or cash bonus, only options that vest based on Tesla's market cap and milestones for growth.

He will earn his full pay package if Tesla's market cap eventually reaches $650 billion, and the electric car maker achieves several revenue and profit targets.

According to Tesla, that grand sum could be as much as $55 billion.

By one measure, that surpasses anything ever granted to an American executive.