Tesla CEO Took 99.9 Percent Pay Cut in 2013

Tesla CEO Took 99.9 Percent Pay Cut in 2013

CEOs are usually paid the big bucks, but the head of the youngest publicly held US automaker took a significant pay cut last year.

In 2013, Tesla CEO Elon Musk received a total compensation of $69,989 with the value of stock and options totaling just $36,709. That’s a sharp contrast compared to his total compensation from 2012, when the CEO received $78.2 million in total compensation. His value of stock and options from 2012 was $78.1 million.

SEE ALSO: GM CEO Mary Barra to be Paid about $14.4M in 2014

Though Musk is given cash compensation of $33,280, Tesla noted in its filing that he accepts $1 per year for his services as CEO. Musk’s compensation is a sharp comparison to new GM CEO Mary Barra, who will be paid approximately $14.4 million this year, and Ford’s Alan Mulally who will receive a total compensation package of $23.2 million.

Of course Musk isn’t exactly strapped for cash, considering he has a total net worth around $10 billion.

GALLERY: 2013 Tesla Model S


[Source: Automotive News]

Discuss this story at our Tesla forum