Musk in 2020 earned a record $11 billion as CEO of Tesla

Elon Musk cannot yet turn his profit from the shares into real money, as under the terms of the option, he must own them for at least five years.

The founder and CEO of the electric car manufacturer Tesla, Elon Musk, earned about $11 billion last year. This was reported on Thursday by Forbes magazine.

According to him, in 2018, Musk agreed to pay remuneration not in money, but in stock options when certain growth indicators of the company were achieved. According to the publication, in 2020, the company granted its CEO the right to buy back shares, the current value of which is $13.3 billion, while Musk spent $2.3 billion on their acquisition. Thus, the income from his tenure as CEO of Tesla last year amounted to $11 billion, which is ten times higher than that of his closest competitors – Chad Richison, who heads Paycom, earned $211 million last year, and the fortune of 1Life Healthcare CEO Amir Dan Rubin was replenished by only $199 million.

At the same time, the publication notes that Musk cannot yet turn his profit from the shares into real money, since under the terms of the option; he must own them for at least five years. According to the terms of the company’s contract with the CEO, for his work, if all the agreed goals are achieved, Musk will be able to buy 101.2 million shares, the value of which currently stands at $67.9 billion. According to the latest data from Forbes, Musk is currently the second richest person in the world. With a fortune of $164.4 billion, he is second only to Amazon founder Jeff Bezos ($189.7 billion).

Author: Steve Cowan
Graduated From Princeton University. He has been at the Free Press since October 2014. Previously worked as a regional entertainment editor.
Function: Chief-Editor
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