Elon Musk, chairman and chief executive officer of Tesla Motors, speaks during an event at the company's headquarters in Palo Alto, California.

Tesla's shares hit a key milestone on Thursday that considerably eases pressure on the company.

Shares closed around $363 on Thursday, higher than the conversion price of $359.88 per share on the $920 million in convertible bonds due in March. It was the first time they closed above that price since August 8, the day after CEO Elon Musk issued his infamous tweet about having already secured the funding necessary to take Tesla private.

The stock has been under pressure since. Musk abandoned the plan by the end of August and was subsequently sued by the Securities and Exchange Commission. The two parties settled in October.