The American businessman and also a genius inventor was recognized as the highest paid CEO in the US by the authoritative Forbes magazine.
Elon Musk gave up his salary at Tesla three years ago. However, this decision did not have a negative impact on the well-being of the businessman. The entrepreneurial executive is rewarded in stock options instead of a salary. According to Forbes’ estimates, Musk made $11 bln in options.
The Tesla founder easily bypassed Chad Richison (CEO of Paycom, a US-based payroll and HR company) and Amir Dan Rubin (CEO of a San Francisco-based chain of primary healthcare clinics 1Life Healthcare).
Back in 2018, Elon Musk came to a mutual decision with the Tesla Board of Directors that the company head would not receive guaranteed payments for his work over a decade. All Musk can count on is getting options on stock packages equivalent to 1% of all outstanding securities. This remuneration was divided into 12 tranches. The company had to fulfill certain conditions for financial development for Musk to receive each such tranche.
The options allow Elon Musk to purchase the company's stocks at a fixed price of $70.01 per stock.
Tesla has once again improved its development indicators in Q1 2021, which gives Elon Musk the right to receive two new tranches.