New York (CNN Business) Elon Musk is getting close to the first big payday from his massive stock package.

In 2018, Tesla shareholders approved a pay package for Musk that pays him only in company stock options, and only if the company hits aggressive growth targets, both for its operations and for its total market value. It could eventually make him the richest man in the world ..

Tesla TSLA So far, it hasn't given him a single share of the stock. But the recent run-up instock -- up nearly 30% so far this year as it has tripled in value since early June -- means he's getting close to the first of 12 big paydays he could eventually receive.

That would come in the form of options to purchase 1.7 million shares of the stock at a reduced price. The net value of those options -- the difference between the share price and the exercise price -- would be more than $350 million for just this block of options.

The company already hit the sales and earnings target it needs for this first payday. Now it just needs an average market value of $100 billion over the course of six months, including during its most recent 30-day period.

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