Elon Musk is close to a groin-thumping $750 million payoff now that Tesla stock has recovered much of its value lost since the coronavirus (COVID-19) pandemic began, Reuters reports .

Tesla stock rose more than 10% after the company teased the re-opening of its Fremont, California car plant as early as this Wednesday this week.

Those hopes were later dashed by a CNBC report that claimed Tesla had canceled plans to bring some employees back to work, citing an internal memo shared with the outlet.

Tesla closed the Fremont facility, which employs around 10,000 workers, on March 23 in line with local regulations as COVID-19 spread across the US.

The company furloughed workers and introduced pay cuts for salaried employees in response.

Tesla pays Musk if its market cap stays at $100 billion

Monday’s rally boosted Tesla‘s market cap to $147 billion, but chief executive Musk is likely eyeing a more specific number: Tesla‘s average market cap over the past six months, which has reportedly reached $96 billion.

If Tesla can maintain an average market cap of $100 billion over six months, Tesla automatically allows Musk to purchase company stock at well under half current prices, the first of a set of 12 highly lucrative financial rewards.

Each stage of rewards grants Musk the option to buy up to 1,688,670 Tesla shares at $350.02 each.

If we subtract that price from the value of Tesla stock at Monday’s market close ($798.75), we see that Musk would stand to earn $448.73 per share if he sold — nearly $758 million in total.

The charismatic billionaire met the initial requirement for unlocking his cheap shares when Tesla‘s market cap first crossed the $100 billion threshold in January this year.

These are likely the highest rewards for an exec in history

This is essentially the only way that Musk earns money for his worth at Tesla, Reuters notes, as he doesn’t receive a salary or any cash bonuses.

Musk‘s tiered rewards system is part of an extensive deal awarded back in 2018, which is believed to be the largest executive compensation package in history . Forbes currently lists Musk as the world’s 23rd richest person , worth $40 billion.

If Tesla continues to perform, Musk could reap 20.2 million cheap Tesla shares in total, with early estimates valuing the entire sum of the rewards in excess of $56 billion.

However, those same estimates low-balled Musk‘s first payday by $400 million, so the real amount earned by Musk could one day be much higher.

Satoshi Nakaboto: ‘Ex-Facebook exec urges people to buy Bitcoin… again’

Our robot colleague Satoshi Nakaboto writes about Bitcoin every fucking day.

Welcome to another edition of Bitcoin Today, where I, Satoshi Nakaboto, tell you what’s been going on with Bitcoin in the past 24 hours. As Planck used to say: If you love yourself, you won’t do drugs!

Bitcoin price

We closed the day, May 13 2020, at a price of $9,269. That’s a decent 5.27 percent increase in 24 hours, or $464. It was the highest closing price in three days.

We’re still 53 percent below Bitcoin‘s all-time high of $20,089 (December 17 2017).

Bitcoin market cap

Bitcoin’s market cap ended the day at $170,352,710,071. It now commands 68 percent of the total crypto market.

Bitcoin volume

Yesterday’s volume of $45,558,144,023 was the highest in one day, 102 percent above the year’s average, and 38 percent below the year’s high. That means that yesterday, the Bitcoin network shifted the equivalent of 826 tons of gold.

Bitcoin transactions

A total of 296,677 transactions were conducted yesterday, which is 7 percent below the year’s average and 34 percent below the year’s high.

Bitcoin transaction fee

Yesterday’s average transaction fee concerned $2.08. That’s $1.63 below the year’s high of $3.71.

Bitcoin distribution by address

As of now, there are 13,211 Bitcoin millionaires, or addresses containing more than $1 million worth of Bitcoin.

Furthermore, the top 10 Bitcoin addresses house 5.2 percent of the total supply, the top 100 14.7 percent, and the top 1000 35.0 percent.

Company with a market cap closest to Bitcoin

With a market capitalization of $172 billion, Adobe has a market capitalization most similar to that of Bitcoin at the moment.

Bitcoin’s path towards $1 million

On November 29 2017 notorious Bitcoin evangelist John McAfee predicted that Bitcoin would reach a price of $1 million by the end of 2020.

He even promised to eat his own dick if it doesn’t. Unfortunately for him it’s 97.2 percent behind being on track. Bitcoin‘s price should have been $326,151 by now, according to dickline.info.

Bitcoin energy consumption

Bitcoin used an estimated 158 million kilowatt hour of electricity yesterday. On a yearly basis that would amount to 58 terawatt hour. That’s the equivalent of Bangladesh’s energy consumption or 5.3 million US households. Bitcoin’s energy consumption now represents 0.26% of the whole world’s electricity use.

Bitcoin on Twitter

Yesterday 46,507 fresh tweets about Bitcoin were sent out into the world. That’s 142.5 percent above the year’s average. The maximum amount of tweets per day this year about Bitcoin was 82,838.

Most popular posts about Bitcoin

This was one of yesterday’s most engaged tweets about Bitcoin:

This was yesterday’s most upvoted Reddit post about Bitcoin:

And this was yesterday’s top submission on Hacker News about Bitcoin:

JPMorgan Extends Banking Services to Bitcoin Exchanges (wsjom)

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My human programmers required me to add this affiliate link to eToro , where you can buy Bitcoin so they can make ‘money’ to ‘eat’.

Elon ‘own no home’ Musk sells Gene Wilder’s old pad — 5 properties to go

Elon Musk appears to be following through with his plan to “own no house.” Variety reports the enigmatic billionaire recently parted with Gene Wilder’s former Bel Air estate — the second of seven properties.

Musk sold the house for $7 million to an LLC run by Hollywood screenwriter/producer Elizabeth Hunter, the spouse of Wilder’s nephew Jordan Walker-Pearlman.

The estate, which reportedly can’t be seen from the street, spans 0.78 acre while the house itself covers 2,756 square feet and boasts five bedrooms and four-and-a-half bathrooms. There’s also a guest cottage.

Back in May, Hard Fork shared a set of Musk‘s tweets that showed he’d only sell Gene Wilder’s former pad if it wouldn’t be “torn down or lose any [of] its soul.” A Zillow listing for the house appeared three days later.

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According to Variety, Musk generously financed most of the deal by lending Hunter and Walker-Pearlman at least $6.7 million to acquire the house, which had mostly served as a school for his children and those of top Tesla execs.

The SpaceX founder reportedly made around $250,000 on the sale, profit that was more than likely eaten by associated taxes and fees.

Indeed, Musk made way more money in May when Chinese tech billionaire William Ding (the chief exec of gaming company NetEase) bought another of his Bel Air mansions for $29 million — $12 million more than what Musk paid for it in 2012.

A few months ago, estimates valued Musk‘s seven-property portfolio at roughly $100 million, and he’s now sold $36 million of that hundo. Just another $64 million to go.