Elon Musk got $6.7B in 2020, 11 times more than next-highest-paid US CEO

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Tesla CEO Elon Musk received almost $6.7 billion in compensation in 2020 — earning the tech entrepreneur over 11 times more than the country’s next highest-paid chief executive, a recent analysis found.

Musk’s massive pay came in the form of stock options that give him the right to purchase shares of Tesla at a pre-set price, as opposed to a salary or cash bonuses.

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For Musk to receive the options, Tesla had to hit various business targets based on revenue growth, stock price and other figures that were spelled out in a 2018 pay package that was approved by shareholders at the time.

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The electric carmaker’s stratospheric 740 percent rise in stock price in 2020 unlocked Musk’s ability to exercise his stock options — and cemented him at the top of Bloomberg’s annual Pay Index.

www.foxbusiness.com/markets/elon-musk-pay-2020-times-more-next-highest-paid-us-ceo

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