global economy

In 2020, musk will pay 71 billion yuan, becoming the highest paid CEO in the world From Forbes

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Although we can’t find Elon Musk in the list of the highest paid CEOs in 2020, he is actually the highest paid CEO of all. A few days ago, according to Forbes magazine’s assessment, Tesla paid musk about $11 billion (about 71 billion yuan) in Tesla shares last year, making it the world’s highest paid CEO in 2020.

In 2020, musk will surpass paycom’s president Chad Richardson and 1Life healthcare’s president Amir Dan Rubin in terms of benefits. Last year, they earned $211 million and $199 million respectively.

It is understood that as early as 2018, musk chose to refuse wages and linked his remuneration to Tesla’s main key indicator performance.

This means that musk has not received a salary for 10 years, but he is entitled to certain stock options after Tesla reaches the corresponding performance milestone.

The plan, initially worth about $2.3 billion, was implemented in 10 years, but it didn’t take effect until 2020.

It is reported that the option awards detailed in the 2018 compensation plan require Tesla to reach various milestones such as market value, revenue or EBITDA (earnings before interest, tax, depreciation and amortization).

Meanwhile, the compensation package gives musk the right to buy a total of 101.2 million Tesla shares for $70 per share.

According to Forbes, musk could not sell the shares immediately, which may also be one of the reasons why he did not appear on the list of the highest paid CEOs.

However, experts say that most of the analysis of executive compensation focuses on the date of the award rather than when it will be exercised.

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