Musk, whose wealth is estimated at $39 billion, can now buy 1.69 million shares of Tesla for $350.02, compared to its most recent closing price of $805.81.
The payout was consolation for Musk after his SpaceX launch failed to launch this week.
His bid to send two astronauts to the International Space Station was cancelled as bad weather hampered efforts to get the rocket off the ground in a safe manner at Florida's Kennedy Space Center.
Nearly 2 million people tuned in globally on Wednesday, including President Donald Trump.
But the launch was called off just 17 minutes before liftoff. Severe weather - including wind, rain, lightning and a tornado warning - rendered conditions unsuitable for takeoff, “violating” Nasa’s strict guide for manned crew missions.
