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Elon Musk Says He Earned Nothing in Terms of Income From Tesla in 2018

Musk was not paid any performance-based compensation from Tesla

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SIAM, Government, Electric Vehicles
The Society of Indian Automobile Manufacturers (SIAM) on Sunday said the government should adopt a practical approach towards adoption of EVs. Pixabay

While his electric vehicle (EV) company Tesla struggles to make profit, tech mogul Elon Musk denied reports that claimed he had earned $2.3 billion in stock options in 2018. Instead, Musk said he had pocketed nothing at all.

A Tesla fanpage took to Twitter slamming a news report from last week that said Musk made more in 2018 than the next 65 highest-paid CEOs combined, making him the highest-paid executive among 200 CEOs of large publicly traded companies, Observer.com reported on Thursday.

Contradicting the story, the fanpage called Tesla4Everman argued that Musk was not paid any performance-based compensation from Tesla, instead he only “made the state mandated minimum wage,” which he later donated.

Siding by Tesla4Everman, Musk wrote: “I paid most of my Tesla-related expenses too. Tesla last year was actually net negative comp (compensation) for me.”

Elon Musk, Income, Tesla, 2018
Tech mogul Elon Musk denied reports that claimed he had earned $2.3 billion in stock options in 2018. Pixabay

According to Observer.com, however, the $2.3 billion amount mentioned in the Business Insider article was not a cash or equity payout, but a compensation plan Tesla’s board approved last year that has yet to materialise.

The plan promises to compensate Musk with $2.3 billion worth of Tesla stock in 12 slices over a 10-year period on the condition that Tesla achieves a market capitalisation of $650 billion, in addition to hitting 12 operational milestones.

Amid the ongoing US-China trade war, Tesla’s current market cap stands at only $33 billion.

“Yeah, the fear, uncertainty and doubt propaganda campaign being pushed by those betting against Tesla has reached new heights,” Musk later tweeted.

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Earlier in May, Musk announced to his employees that he would personally be examining and reviewing every expenditure at Tesla, no matter how small, alongside Zach Kirkhorn, the company’s Chief Financial Officer (CFO), the media reported.

The new cost-cutting initiative has been implemented after the automaker suffered a loss of $702 million and involves Musk examining every payment, including parts, salary, travel expenses and rent. (IANS)

Next Story

Elon Musk Tells Jury his Net Worth $20bn But is Short on Cash

Last year, he called Unsworth a "child rapist" in an email. Unsworth sued him two months later in a Los Angeles federal court, saying Musk falsely branded him a paedophile and child rapist

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Tesla CEO Elon Musk unveils the model
Tesla CEO Elon Musk speaks before unveiling the Model in Hawthorne, California. VOA

Multi-billionaire tech mogul Elon Musk in the second day of his courtroom appearance as a defendant in a defamation case filed by Vernon Unsworth, a British man, over “pedo guy” tweet, disclosed that his net worth was $20 billion (roughly Rs 1,43,000 crore) but was short on cash.

“People think I have a lot of cash, I actually don’t. I have stock in SpaceX and Tesla, and debt against that,” he said during the trial, Forbes.com reported on Wednesday.

During the first courtroom appearance on Tuesday, Musk had said the “pedo guy” tweet was not meant to be taken literally. He filed a declaration that “pedo guy” was a common insult in South Africa about demeanour and appearances.

Technology Entrepreneur speaking
Elon Musk, a technology entrepreneur. Pixabay

“It’s quite common in the English-speaking world. Calling someone a ‘pedo guy’ means creepy. If you did a search or asked someone what it means it would be a creepy,” he said.

Tesla CEO apologised to the cave diver in the court.

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Lawyers for Unsworth argued that Musk was using his social media platform to damage the explorer’s reputation and paint him as a paedophile.

Last year, he called Unsworth a “child rapist” in an email. Unsworth sued him two months later in a Los Angeles federal court, saying Musk falsely branded him a paedophile and child rapist. (IANS)