Elon Musk appears to land $700 million payout by hitting Tesla stock milestone as he and Grimes have baby – The Sun

ELON Musk has appeared to land a $700 million payout by hitting a Tesla stock milestone as he and Grimes celebrated the birth of their baby boy.

The 48-year-old Tesla CEO's gigantic payout news comes after Tesla stocks more than doubled in nearly two months.

As Tesla's share price closed on Tuesday, S&P Global Capital IQ showed the six-month and 30-day market cap averaged more than $100billion.

The increased market share price has allowed Musk to access the first portion of his $55billion compensation package, according to Forbes.

Musk will reportedly be able to receive $706million before taxes, all thanks to a pay package confirmed in 2018.

The Tesla CEO will now be able to purchase 1.69 million Tesla shares at $350,02 each.

The eight percent spike in shares for the automaker comes just days after Musk complained the share price was "too high."

Forbes estimated Musk's worth to be $39billion.

Despite the Musk's success, Tesla announced last month that all non-essential company workers would be furloughed and salary cuts would be implemented.

The payout marks a memorable week for Musk – who had a baby on Monday with his 32-year-old parter – a Canadian singer, whose real name is Claire Boucher.

The baby is Grimes' first child, while Musk already has five children of his own – Nevada, Griffin, Kai, Xavier, Saxon, and Damien.

Musk and Grimes claim the baby has been named X Æ A-12.

The birth of their son coincided with Musk announcing in a series of bizarre tweets on Friday that he would sell "almost all" of his physical possessions and "will own no house."

The Twitter outburst happened right before Tesla's value plummeted by $13billion.

The financial dip came after the CEO tweeted: "Tesla stock price is too high imo [in my opinion]."

Following the strange tweets, he posted a cute snap of their sleeping baby using a face tattoo filter, as well as one of him cradling the newborn at the hospital on Twitter.

The South African tech mogul, who has five sons from his previous marriage, could be seen cuddling his infant son, who was swaddled in blankets.

He admitted to his 33 million followers that Grimes is "mad at him" for selling off his stuff as she gave birth to their first child together.

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