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Last August Musk tweeted that he was planning to take the company private when the stock crossed the $420 mark, but he was eventually forced to reverse course due to regulatory concerns and pressure from skeptical investors.

Since then Tesla’s stock has more than doubled in value, thanks to an unexpected third-quarter profit in October and ongoing expansion of operations in China, including the opening of a new production facility in Shanghai.

That means a larger supply of Tesla vehicles to buy, so start building up your savings account for a down payment.

Tesla shares crossed Musk's $420 milestone just before Christmas, and now, less than a month later, they’re closing in on $600.

You can work with a financial adviser like Facet Wealth to decide how to best take advantage of Tesla's recent surge.

A record-breaking pay package

Tesla being driven down a road
Wikimedia Commons

If the current market valuation holds steady, Tesla's chief stands to earn a whopping $346 million payout. Elon Musk's current net worth is over $29 billion.

In order to trigger the first of 12 tranches of options, Tesla will need to maintain its $100 billion valuation for both a one-month and a six-month average.

Although Musk does not receive a salary from the company, he currently owns 34 million shares of Tesla — roughly a fifth of the company — and could stand to gain 20 million more if all of his options vest.

If Tesla (TSLA) shares are too expensive for you, research some low cost ETFs that will give you exposure to Tesla.

And Tesla’s all-time high market valuation wasn’t the only thing Musk had to smile about this week. After a lengthy legal battle, Tesla and the state of Michigan confirmed on Wednesday that they have reached an agreement to allow the company to sell its vehicles directly to Michigan residents.

If Musk can keep things on track for Tesla in the crucial months ahead, his prospects for 2020 might be described with one word: electric.

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