Tesla CEO Elon Musk got a raise, but Tesla doesn’t pay him nearly as much as you might think.
The American automaker revealed in its latest proxy filing with the SEC that Musk will now receive an annual salary of $37,440 – up from last year’s $35,360. Musk’s salary is consistent with minimum wage requirements under California law, but it’s worth noting that Musk doesn’t actually accept the salary from Tesla. The company also revealed that other named executive officers’ salaries did not increase last year other than for Greg Reichow, Vice President, Production, who saw his salary increase from $225,000 to $275,000.
Don’t feel bad for the Musk, in 2012 he received $78.1 million and owns 28.3 million shares of Tesla, which is worth about $6.2 billion. Regardless, Musk’s salary pales in comparison to other automakers or even top executives at Tesla. The company’s chief financial officer, Deepak Ahuja, has a $338,000 salary and with options received $3.8 million last year.
Discuss this story at our Tesla forum