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Shares of Tesla (TSLA) moved higher on Tuesday after the company announced a new merit-based pay package for CEO Elon Musk.

Tesla

Musk will have to meet both market cap and operational milestones over the next decade for his stock options to vest—such as boosting Tesla's market cap to $650 billion from $59 billion today. If he succeeds, Tesla would rank among the world's most valuable companies.