Even though the median U.S. CEO pay package last year was nearly 200 times more than a worker in the middle of their company pay scales, Elon Musk's record-setting Tesla compensation dwarfs them by comparison.
Tesla CEO Elon Musk waves as he leaves the Tesla Gigafactory for electric cars in Gruenheide near Berlin, Germany on March 13, 2024. Tesla shareholders are charting the future of the electric vehicle company Thursday, June 13, 2024, as they wrap up voting whether or not to restore Musk's massive pay package that was thrown out by a Delaware judge. Even though the median U.S.
The all-stock package, approved by the board and shareholders in 2018, rewards Musk for hitting milestones that include raising Tesla's market value, pretax income and revenue. But the company said Musk deserves the pay because he turned Tesla into the top-selling electric vehicle maker in the world, increasing its market value by billions.
No matter the outcome, Musk's package — the largest award to a CEO of a U.S. public company — is far above what's been granted to other chief executives. Here's how the package compares:The median pay package for an S&P 500 U.S. CEO last year was $16.3 million, according to data analyzed for The Associated Press by Equilar. If you multiply that by 10 to get $163 million for a decade of work, Musk's earnings still would be 275 times greater.
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