He may be worth around ten billion dollars, but Tesla scion Elon Musk has seen his recent payday plunge 99.9 percent.
Musk, 42, recently insisted he only be paid $1 per year for his services. But due to strict minimum wage laws in Canada, Tesla still paid him $33,280 last year.
We’re guessing the California resident has other money in the bank that would allow him to make such a benevolent request. After all, he is the co-founder of Tesla, PayPal and Space X, which may someday colonize Mars, as well as create commercial flights that will take Regular Joe’s to space. Or at least Lady Gaga.
Musk, who is originally from South Africa, is Tesla’s biggest shareholder (23 percent a stake). He also owns large portions of SpaceX and SolarCity. He’s probably doing OK. In fact, the salary drop is not about his performance at all. Instead it reflects the fact that Tesla awarded hi share options the previous year that ballooned to $78.1 million, as opposed to only $36,709 last year.
He got so much in 2012 because Tesla was compensating him for a 10-year term, based on goals for Tesla to reach market capitalization of $43.2 billion by 2022 (almost double where it stands now at 25.8 billion).
Still that same market capitalization has already grown six times the $3.9 billion Tesla reported in January 2013. Plus, Musk hangs out with people like Johnny Depp. So there’s no reason to cry for him (or Argentina) just yet.