Loading…
Thursday, August 21, 2014
Current Weather
Loading Current Weather....
Published: Friday, 4/25/2014

Tesla Motors says CEO Elon Musk took $1 in salary last year

REUTERS

DETROIT -- Tesla Motors Inc Chief Executive Elon Musk was paid about $70,000 in 2013 in salary and stock options, only a fragment of what he stands to eventually receive in company stock, Tesla said in a filing on Thursday with U.S. securities regulators.

Musk's total cash compensation in 2013 officially was $33,280, which is aligned with the minimum wage in California, but he only takes $1 per year in pay.

The co-founder of the electric carmaker in 2012 was granted the option to buy 5.27 million Tesla shares at $31.17 over a 10-year period if he meets a series of performance goals.

Tesla shares on Friday were trading down 4 percent at $199.50.

Musk, 42, has been the CEO since October 2008 and chairman since April 2004.

Tesla's annual meeting will be held on June 3 in Mountain View, California. At that meeting, a non-binding vote will be held on executive compensation.



Guidelines: Please keep your comments smart and civil. Don't attack other readers personally, and keep your language decent. If a comment violates these standards or our privacy statement or visitor's agreement, click the "X" in the upper right corner of the comment box to report abuse. To post comments, you must be a Facebook member. To find out more, please visit the FAQ.