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.
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.
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.
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