Elon Musk is on his way to another big financial windfall. He has reached half the goals laid out in his contract with Tesla Motors, and ahead of schedule in achieving goals that would allow him to access 5.27 million stock options worth more than a billion dollars.

Per his contract, Musk gets 10 percent of the options every time the company reaches a combination of a certain market value and an operational achievement. The automaker's most recent filing with the Securities and Exchange Commission shows Musk has reached five of those milestone pairs. Even Musk's current 2.64 million options would bring in $589 million, according to Bloomberg.

To get the remaining half of the options, Musk has a lot of hard work ahead. Operational goals require him to finish the Model 3 prototype and then put the EV on sale. He also must take the company to 200,0000 and eventually 300,000 total sales, too. Financially, Tesla needs to hit a market value of $43.2 billion, compared to today's $32.98 billion.

Musk's effort at the company would mean quite a payday, if he achieves all the milestones. According to Bloomberg, the options would be worth $1.6 billion when the company's value reaches $43.2 billion. Musk doesn't seem to be in the auto business for the money because he still doesn't cash the checks for his minimum-wage salary at Tesla. Don't worry about him going hungry, though. As of January, Musk owns about 22 percent of Tesla shares, which are worth more than $7 billion at the current stock price.

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