Elon Musk, chief executive officer (CEO) of Tesla, saw his wealth swell to $749 billion (about 1,105 trillion won) after a court ruling recognized the company's compensation plan.
According to Reuters, as of the night of the 19th (local time), Musk became the first individual to surpass $700 billion (about 1,033 trillion won) in wealth, setting a new record.
The result follows the Delaware Supreme Court's dismissal of an appeal by a small shareholder, the plaintiff, in the case over Tesla's 2018 CEO compensation plan, thereby recognizing the CEO compensation plan including the grant of stock options.
The size of these stock options is equivalent to about 9% of Tesla's outstanding shares, and at the current share price, their value amounts to $139 billion (about 205 trillion won).
At the shareholders meeting in May, a plan passed to provide $1 trillion (about 1,476 trillion won) in compensation if CEO Musk achieves management targets such as a market capitalization of $8.5 trillion.
As of the 20th, Musk is the world's richest person, with a wealth gap of about $500 billion (about 738 trillion won) over the No. 2, Google co-founder Larry Page.