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

4/25/2014

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.