Tesla CEO Elon Musk has finally qualified for the first tranche of his compensation plan. In late March, Tesla filed a document with the US Securities and Exchange Commission (SEC), approving the first of twelve performance-based compensation awards for Musk. The car maker’s CEO will be granted 1.7 million shares of the company worth around $775 million. Notably, according to the compensation agreement, Tesla’s chief executive does not receive any salary or cash bonuses. His earnings fully depend on options that vest based on the market capitalization of the company. What is more, for Musk to get all the agreed 12 tranches of $2.6 billion, Tesla’s market capitalization should reach $650 billion. This is definitely an impressive amount, but it seems quite achievable for Elon Musk. He has already transformed Tesla from a niche automaker with production problems into a global leader in electric vehicles with factories in the US and China. This year, Tesla’s market capitalization has beaten the combined market value of both Ford and General Motors. Elon Musk currently owns about 18.5% of the company which is equivalent to around $24 billion. As soon as the company reaches the set market value, he will earn more than $50 billion.