Musk Exercises 304 Million Tesla Options, Locking $116 Billion Paper Gain to the Robotaxi Clock

A June 17 SEC filing shows Musk cashing in his reinstated 2018 award via net share settlement — no open-market sales, ownership up to roughly 20%, and a payoff barred from sale until 2033 that binds his fortune to the exact timing of Tesla’s autonomy repricing.