Tesla's Elon Musk Made $37K Last Year, But Didn't Accept It
According to a recent Schedule 14A SEC filing, Tesla Motors Inc (NASDAQ: TSLA)'s CEO Elon Musk makes barely $37,440 per year.
This amounts to almost one tenth of what the company's CFO Deepak Ahuja earns from his executive activities in the company ($338,000 per year) and considerably less than other executives in the company, like Jeffrey B. Straubel, Jerome Guillen and Greg Reichow, all of whom make more than $249,000 a year –- each.
The filing explains that "Mr. Musk's salary is based on minimum wage requirements under California law and he is subject to income taxes based on such base salary."
The form adds: "Mr. Musk, however, has never accepted and currently does not accept his salary. Under California law, Mr. Musk is entitled to the portion of the base salary that he does not receive each year."
Of course, this amount only accounts for his cash compensation. The CEO does not receive his cash salary, but does own Tesla's stock and options, which results in considerable financial gains.
While Musk's salary may not seem miniscule, translating to more than $3,000 a month, it is substantially smaller than what most CEOs around the world make in terms of cash compensation.
Auto Industry CEO Comparison
- Mary Barra: The General Motors Company (NYSE: GM) CEO's pay surpassed $14 million in 2014, although just $1.6 million corresponded to her direct salary.
- Mark Fields: Ford Motor Company (NYSE: F)'s CEO received an approximate salary of $1.75 million in 2014.
- Akio Toyoda: Toyota Motor Corp (ADR) (NYSE: TM)'s head made a $1.9 million salary in 2012.
- Takanobu Ito: Honda Motor Co Ltd (ADR) (NYSE: HMC)'s CEO earned slightly less than $1 million last year.
- Sergio Marchionne: Fiat Chrysler Automobiles NV (NYSE: FCAU)'s CEO made roughly $3 million in 2014, only from his salary. His total compensation reached approximately $38 million.
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