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Elon Musk wins record $56bn pay deal
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Elon Musk has been given a record-breaking pay deal of $56 billion. The huge remuneration package is 3,000 times the average for CEOs in the US. The average income in the US is $59,384. At that salary, it would take 943,014 years to earn $56 billion. Mr Musk's salary was agreed upon at a Tesla meeting on Friday. Musk responded by telling investors: "We have the most awesome shareholder base."
Musk's pay deal was blocked by a court earlier this year. The judge said the size was unfair. However, over 70 per cent of shareholders said it was in Tesla's best interests. The BBC quoted a car industry analyst. He said the vote was "a pretty ringing endorsement". He praised Musk's business skills. He said: "There's been a 1,100% appreciation in Tesla stock, and that's pretty impressive. Shares in Tesla closed 3 per cent up on Friday.
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Pay / Salaries - Level 5
Elon Musk has been given a record-breaking pay deal of $56 billion by the shareholders of Tesla. The huge remuneration package is 3,000 times the average pay for a CEO in the USA. The average income in the USA in 2023 was $59,384. At that salary, it would take 943,014 years to earn $56 billion. Mr Musk's salary was agreed upon at Tesla's annual general meeting on Friday. Musk responded by telling the investors at the meeting that: "We have the most awesome shareholder base.…We are not just opening a new chapter for Tesla, we are starting a new book."
Musk's pay settlement was blocked by a court earlier this year. The judge said the size of the pay was unfair. However, shareholders said the deal was fair and in Tesla's best interests. Over 70 per cent of shareholders favoured the deal. The BBC quoted a car industry analyst as saying the vote was "a pretty ringing endorsement". He extolled Musk's business acumen. He said: "There's been about a 1,100% appreciation in Tesla stock, and that's pretty impressive. Most chief executives have never done anything like that." Shares in Tesla closed 3 per cent up on Friday.
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Pay / Salaries - Level 6
Tesla boss Elon Musk has been awarded a record-breaking pay deal of $56 billion by the shareholders of his company. The astronomical remuneration package is 3,000 times the average pay for a CEO in the USA. According to the U.S. Bureau of Labor Statistics, the average income in the USA in 2023 was $59,384. At that salary, it would take 943,014 years to earn $56 billion. Mr Musk's salary was agreed upon by shareholders at Tesla's annual general meeting on Friday. Musk responded by telling the investors attending the meeting that: "We have the most awesome shareholder base of any public company. We are not just opening a new chapter for Tesla, we are starting a new book."
Musk's pay settlement was blocked earlier this year by a court in Delaware. The presiding judge deemed the size of the pay to be unfair to shareholders. However, in Friday's meeting, shareholders agreed the deal was both fair, and in the company's best interests. The BBC said 72 per cent of the votes cast favoured the $56 billion deal. The BBC quoted car industry analyst Karl Brauer as saying the vote was "a pretty ringing endorsement". Shares in Tesla closed nearly 3 per cent up following the meeting. Mr Brauer extolled Musk's business acumen. He said: "My understanding is that there's been about a 1,100% appreciation in Tesla stock, and that's pretty impressive. Most chief executives have never done anything like that."
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