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You probably made more than Elon Musk last year

Watch the launch of SpaceX's Falcon Heavy

Elon Musk, one of many richest individuals on the earth, can be among the many lowest paid CEOs — by rather a lot.

Musk earned $49,920 last year, Tesla stated Thursday. That’s what an 80-hour work week on California’s minimal wage will get you ($10.50 an hour plus additional time).

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That’s much less than the $57,617 that the common American family earns every year, in line with the Census Bureau. And it is manner, manner much less than the $22.6 million pay package deal General Motors (GM) CEO Mary Barra obtained in 2016.

But Musk does not even take that modest quantity house with him. He does not settle for any of the wage, in line with Tesla. So it does not matter to Musk that he is getting a $6,000 increase this year (California’s minimal wage went as much as $11 an hour).

Related: Tesla losses spike as it fights to ramp up Model 3 production

Don’t fear about Musk getting by on his modest pay. He has 37.9 million shares of Tesla inventory, price about $13 billion.

He is also the controlling shareholder in SpaceX. That firm’s prospects are trying good: On Tuesday, It launched the most important rocket in operation, the Falcon Heavy. He’s the world’s 40th richest particular person, price $21.four billion, in line with Bloomberg.

It’s not unparalleled for executives to typically be paid $1 or an analogous modest quantity, particularly if they’ve a big chunk of the corporate’s inventory as Musk does. Google (GOOG) co-founders Larry Page and Sergey Brin have basically acquired solely $1 a year for the reason that firm went public.

Sometimes when an organization is underneath monetary hassle a CEO will even minimize his or her pay to $1. GM CEO Rick Wagoner did that as GM spiraled into chapter 11.

Related: What’s next for SpaceX

Musk may ultimately receives a commission more — a lot more — if Tesla hits its aggressive inventory and market worth targets.

If the corporate hits all its objectives, Musk will obtain inventory price about $55.eight billion. Even then, Musk nonetheless will not take house a typical CEO wage or money bonus.

Tesla on Wednesday reported a $675 million loss in the newest quarter, more than 5 instances the loss it reported a year in the past. It has struggled with issues rising manufacturing of its first mass market automobile, the Model three.

CNNMoney (New York) First revealed February eight, 2018: 9:29 AM ET

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