Tesla CEO Elon Musk is set for $346 million in stock awards, as shares of Tesla (TSLA) continue to make big gains. Tesla stock rose 9% on Monday, cruising past $500 a share.

As of 1:37 p.m. ET Tuesday, Tesla shares are at $541.57, having risen over 3%. If Tesla stock manages to hit $554.80, Tesla would hit a valuation of $100 billion. Musk would have to keep Tesla’s valuation at $100 billion on average for six months in order to receive a $346 million stock award, which is part of a larger pay package.

Musk does not receive any salary or bonuses as the CEO of Tesla but instead receives various stock options that vest when the company reaches certain goals or a specific market valuation.

Musk, who is also the CEO of space exploration firm SpaceX and hyperloop enterprise The Boring Company, is estimated to have a fortune of over $20 billion. At the same time, Musk has said that his liquid assets are fairly low.

“Some people think I have a lot of cash,” Musk said in December. “I actually don’t. I have stock in SpaceX and Tesla, and debt against that.”

Musk also said in December that if Tesla or SpaceX goes bankrupt, he will go bankrupt, as well.

In September, a Delaware judge ruled that Tesla’s board of directors would have to defend Musk’s massive pay package in court. The pay package was determined in January 2018 and could balloon up to $56 billion in stock awards if Tesla meets its goals under Musk’s leadership.

Tesla stock has soared after the company posted strong third-quarter earnings in October. The company has also begun manufacturing electric vehicles made at its Shanghai factory in record time.

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