FILE - Tesla CEO Elon Musk waves as he leaves the Tesla Gigafactory for electric cars in Gruenheide near Berlin, Germany on March 13, 2024. Tesla shareholders are charting the future of the electric vehicle company Thursday, June 13, 2024, as they wrap up voting whether or not to restore Musk’s massive pay package that was thrown out by a Delaware judge. FILE - Elon Musk arrives at the 10th Breakthrough Prize Ceremony on April 13, 2024, at the Academy Museum of Motion Pictures in Los Angeles.
The all-stock package, approved by the board and shareholders in 2018, rewards Musk for hitting milestones that include raising Tesla’s market value, pretax income and revenue. But the company said Musk deserves the pay because he turned Tesla into the top-selling electric vehicle maker in the world, increasing its market value by billions.
In her January ruling that struck down the package, Delaware Chancellor Kathaleen St. Jude McCormick wrote that Musk’s package, then worth about $56 billion, was 250 times larger than the median peer CEO’s pay plan.The top earner in the AP’s survey was Hock Tan, CEO of artificial intelligence company Broadcom Inc. His package, mostly consisting of stock awards, was valued at about $162 million, when given to Tan at the start of fiscal 2023.