Musk nears $346 million payday as Tesla market value soars. FILE PHOTO: Philip Floyd, senior engineering technician for the Insurance Institute for Highway Safety (IIHS), demonstrates a front crash prevention test on a 2018 Tesla Model 3 at the IIHS-HLDI Vehicle Research Center in Ruckersville, Virginia, U.S., July 22, 2019. SAN FRANCISCO (Reuters) - Tesla Inc Chief Executive Elon Musk is coming close to earning the first $346 million tranche of options in a record-breaking pay package, after the electric vehicle maker's stock more than doubled in the last three months. Musk has already hit an operational target that is also necessary for the options to vest. For Musk's subsequent tranches to vest under the terms of the 2018 package, the company's market cap would have to continue to sustainably rise by $50 billion increments over the agreement's 10-year period, with the billionaire earning the full package if Tesla's market capitalization reaches $650 billion and the electric car maker achieves several revenue and profit targets.