Tesla boss Elon Musk has been awarded a record-breaking pay deal $56 billion by the shareholders his company. The astronomical remuneration package is 3,000 times the average pay a CEO in the USA. According to the U.S. Bureau Labor Statistics, the average income the USA in 2023 was $59,384. At that salary, it would take 943,014 years to earn $56 billion. Mr Musk's salary was agreed upon shareholders Tesla's annual general meeting on Friday. Musk responded telling the investors attending the meeting that: "We have the most awesome shareholder base any public company. We are not just opening a new chapter Tesla, we are starting a new book."
Musk's pay settlement was blocked earlier this year a court in Delaware. The presiding judge deemed the size the pay to be unfair to shareholders. However, Friday's meeting, shareholders agreed the deal was both fair and the company's best interests. The BBC said 72 per cent the votes cast favoured the $56 billion deal. The BBC quoted car industry analyst Karl Brauer as saying the vote was "a pretty ringing endorsement". Shares in Tesla closed nearly 3 per cent following the meeting. Mr Brauer extolled Musk's business acumen. He said: "My understanding is that there's been a 1,100% appreciation Tesla stock, and that's pretty impressive. Most chief executives have never done anything that."
