Tesla Chief Executive Officer (CEO) Elon Musk's total compensation last year easily topped 200 trillion won on paper. However, it was found that there was no compensation actually pocketed.
According to a filing Tesla submitted to the U.S. Securities and Exchange Commission (SEC) on the 1st (local time), Musk's total compensation last year was listed as $158.4 billion (about 234 trillion won).
The figure reflects the value of the $1 trillion (about 1,475 trillion won) mega stock compensation package approved at the shareholders meeting in Nov. last year. However, the compensation is not paid immediately; it is the maximum compensation that can be received in stages if Tesla achieves predetermined management targets in the future.
The reason the amount is shown as $158.4 billion, not $1 trillion, in the filing is that the value of the shares to be paid was calculated based on Tesla's share price last year.
For Musk to actually receive this compensation, Tesla's market capitalization must be raised from the current about $1.2 trillion to $8.5 trillion. In addition, large-scale business goals must be met, including delivering 20 million vehicles, operating 1 million robo-taxis, and selling 1 million Humanoid Robots.
Tesla said it failed to achieve any of the related management targets last year. As a result, the compensation Musk actually received is 0 won as of now.
The filing also disclosed compensation levels for Tesla employees. Tesla said the median of the annual total compensation for employees excluding the CEO last year was $62,786 (about 92.61 million won).