Elon Musk has been given a record-breaking pay deal of $56 billion. The huge remuneration package is 3,000 times the average for CEOs in the US. The average income in the US is $59,384. At that salary, it would take 943,014 years to earn $56 billion. Mr Musk's salary was agreed upon at a Tesla meeting on Friday. Musk responded by telling investors: "We have the most awesome shareholder base."
Musk's pay deal was blocked by a court earlier this year. The judge said the size was unfair. However, over 70 per cent of shareholders said it was in Tesla's best interests. The BBC quoted a car industry analyst. He said the vote was "a pretty ringing endorsement". He praised Musk's business skills. He said: "There's been a 1,100% appreciation in Tesla stock, and that's pretty impressive. Shares in Tesla closed 3 per cent up on Friday.
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Sources- https://www.bbc.com/news/articles/cleezyxjv4jo
- https://www.ft.com/content/86a238ba-5a2b-4960-806d-df5cbe796c05
- https://finance.yahoo.com/news/stock-market-today-nasdaq-ekes-out-5th-straight-record-to-cap-banner-week-for-tech-200532691.html
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