Elon Musk works for Tesla for free but still racks up millions; Here's why

As Tesla share struggles to recover, reports are emerging that CEO Elon Musk is currently working for free in his electronic automotive company. According to CNN, business mogul hasn’t taken any kind of cash salary since 2019. In year 2019, Musk only received a sum of USD23,760, which was required under California minimum wage law. However, Musk still has managed to rack up billions of dollars during this time, but not in way that his regular workers make ir money. 

According to CNN, Musk became richest person alive through lucrative packages of stock options. packages gave him right to buy hundreds of millions worth of Tesla shares for a fraction of ir market price. It was year 2012 when Musk was granted package options, however, options he h received expired last year. Hence, SpaceX CEO is currently not ding a lot to his portfolio, no matter how well his electronic automotive company does. As per report by CNN, this was part of reason why he lost crown of richest person alive, to Bernard Arnault, Founder, Chairman and CEO of Moët Hennessy Louis Vuitton (LVMH).

Musk still racks up millions

While Tesla CEO is not taking cash salary for his work, billionaire’s net worth still stands at USD198 billion. Since Musk has a significant stake in Tesla, better company does under his leership, more he will be worth. According to CNN, currently, Musk owns 412 million shares of Tesla stock outright and holds options to purchase anor 304 million at a bargain-basement price of USD23.34 a share. American news outlet also reported that justed exercise price evaluation of se shares is USD142 billion, based on Friday market prices.

Things are also looking good for Musk, after facing a major plunge last year, Tesla shares are recovering at a stey pace. It is also being reported that Tesla board could soon announce a new pay package for Musk.  “I would expect an absolutely monster package for Musk,” Daniel Ives, a tech analyst at Wedbush Securities told CNN. “I think Musk is lifeblood of Tesla. He’s a key part of premium in stock,” he ded.