- Tesla minimize CEO Elon Musk’s wage to zero for 2020.
- In 2019, the firm acknowledged it eliminated altogether the incomes and accrual of his disagreeable wage.
- Musk’s legit wage became once listed as $23,760 in 2019 and $56,380 in 2018.
Tesla CEO Elon Musk didn’t receive a paycheck from the electric-car maker in 2020.
Musk’s 2020 wage dropped to zero, in step with an replace filed with the SEC on Friday.
His wage in 2019 had been $23,760. In 2018, it became once $56,380.
“However, he has by no design accredited his wage,” the firm acknowledged. “Commencing in Would perchance well 2019 at Mr. Musk’s request, we eliminated altogether the incomes and accrual of this disagreeable wage.”
Below his 2018 compensation settlement, Musk’s total compensation equipment is inventory-essentially based mostly. His alternate recommendations vest in line along with his ability to push the firm to hit obvious running metrics.
The 10-year settlement incorporated 16 operational milestones. If Tesla hits 12 of these milestones, and the firm’s market cap hits $650 billion, Musk’s shares will vest on agenda, in step with the firm.
Tesla had hit six of these milestones as of Friday, the firm acknowledged.
In 2019, Musk paid cash for vested alternate recommendations that were valued at $30.5 million, but didn’t sell any of the shares bought in that transaction, in step with Friday’s submitting. The submitting didn’t list a vested-choice choose for 2020.
Below the 2018 settlement, Musk’s exercise label became once $70.01 per fragment, SEC filings acknowledged. Tesla inventory ended the week at $716.70 per fragment.
“Handiest time I sell Tesla inventory is when my inventory alternate recommendations are expiring & I even have not any desire,” Musk acknowledged on Twitter in June.
Bloomberg closing week estimated Musk’s total 2020 compensation to be $6.7 billion, one of the best of any US chief executive.
Musk has frequently acknowledged he is earmarked his Tesla inventory to help humans attain Mars. When requested about his 2018 compensation thought in November, he acknowledged he “didn’t effect a question to the inventory to upward push so important so soon.”
“The explanation for the inventory alternate recommendations is that they’re important to help pay for humanity to web to Mars in 10 to 20 years,” he acknowledged on Twitter.