Tesla Motors Inc (TSLA) CEO Elon Musk drops pay to under $70,000

Elon Musk
Tesla Motors Inc (NASDAQ:TSLA) chief executive officer Elon Musk dropped his take home pay from the automaker by over 99.9% last year after he saw a surge from his 2012 stock options.

Musk received total compensation of $69,989, which is down from $78.2 million a year earlier. The value of stock and options that was awarded to Musk totaled $36,709 in 2013, down from $78.1 million a year earlier. Musk is now receives cash compensation of $33,280, which is consistent with minimum wage requirements under California law. He accepts $1 per year for his services, according to the filing.

Musk is Tesla Motors’ largest shareholder and he also runs Space Exploration Technologies (SpaceX). Musk works as the chairman of SolarCity Corporation. Musk’s holdings in all three companies gives him a net worth of around $10 billion, according to the Bloomberg Billionaires Index.

Musk’s large option award from Tesla Motors in 2012 is compensation over a ten-year term for achieving specific goals. This includes achieving a market capitalization of $43.2 million within a decade. Currently it is $25.8 billion and was $3.9 billion at the end of 2012.

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