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.

Here's how to save up to $700/year off your car insurance in minutes

When was the last time you compared car insurance rates? Chances are you’re seriously overpaying with your current policy.

It’s true. You could be paying way less for the same coverage. All you need to do is look for it.

And if you look through an online marketplace called SmartFinancial you could be getting rates as low as $22 a month — and saving yourself more than $700 a year.

It takes one minute to get quotes from multiple insurers, so you can see all the best rates side-by-side.

So if you haven’t checked car insurance rates in a while, see how much you can save with a new policy.

About the Author

Shane Murphy

Shane Murphy

Reporter

Shane is a reporter for MoneyWise. He holds a bachelor’s degree in English Language & Literature from Western University and is a graduate of the Algonquin College Scriptwriting program.

What to Read Next

Disclaimer

The content provided on MoneyWise is information to help users become financially literate. It is neither tax nor legal advice, is not intended to be relied upon as a forecast, research or investment advice, and is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy. Tax, investment and all other decisions should be made, as appropriate, only with guidance from a qualified professional. We make no representation or warranty of any kind, either express or implied, with respect to the data provided, the timeliness thereof, the results to be obtained by the use thereof or any other matter.