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Elon Musk will receive a salary of 56 billion dollars as CEO

Business Habit ⋅ @businesshabit ⋅ Jun 24, 2024

Electric car maker Tesla's shareholders have voted to approve CEO Elon Musk's $56 billion pay package. The approval process was completed yesterday Thursday at the annual meeting of Tesla partners in Austin, Texas, USA. Reuters news


At the annual meeting of partners, Tesla CEO Elon Musk called himself a positive person in all situations. He said, "At the end of the day, I bring fruit. This is the most important thing. Analysts say that this initiative is proof of the confidence of the company's partners in Musk's leadership. Although this package was proposed in 2018, it took a long time to implement due to various complications.


According to another report by Reuters, the remuneration package does not include salary and bonus; Rather, this package is determined based on Tesla's market capitalization. This is being announced in recognition of increasing Tesla's market value to 650 billion or 65 trillion dollars in the next 10 years after 2018.


Elon Musk is not getting this huge amount of money right now despite the approval of Tesla's partners. Because a case has been filed against this package in the court of the US state of Delaware. The judicial process of the case may take several months.


Elon Musk became CEO of Tesla in 2008. Tesla lost $2.2 billion in 2018. From there, he increased Tesla's annual profit to 1 thousand 5 billion dollars. Car production also increased seven times.
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