The following article, Elon Musk Money: How Much Does The Richest Person On The Planet Pay Employees At Tesla?, was first published on Flag And Cross.
“Thanks to increasing demand for electric vehicles, Tesla Inc (NASDAQ: TSLA) is one of the fastest-growing companies in the world.
“CEO Elon Musk is also the richest person alive, and he’s known for letting his workers share in the success of his companies,” said Benzinga.
What To Know: Tesla doesn’t publicly disclose salary information, but the EV maker is required to report offers in work-visa applications submitted to the U.S. Office of Foreign Labor Certification.
“Tesla pays a majority of its employees somewhere between $85,000 and $175,000,” said a Business Insider report.
Here’s a look at some of the average salaries for various positions at the popular EV company.
- Logistics Analyst: $85,333
- Associate Manufacturing Engineer: $93,983
- Quality Assurance Engineer: $104,221
- Test Engineer: $112,272
- Global Supply Manager: $119,890
- Technical Program Manager: $120,083
- Senior Hardware Engineer: $142,342
- Electronic Design Engineer: $161,157
- Mechanical Design Manager: $173,200
- Software Development Engineer: $175,703
The data doesn’t include stock-based compensation, grants, individual performance rewards and bonuses that can exponentially increase overall pay, and Musk is known for putting incentives on the table.
Following his $44 billion takeover of Twitter, now called X, the billionaire offered stock grants to Twitter employees at a $20 billion valuation and told employees that he saw a “clear” path to grow the social media platform to a valuation of more than $250 billion.
It’s not clear if similar deals were made at Tesla, but stock-based compensation has been particularly lucrative for Tesla employees in recent years, given the stock’s incredible run from late 2019 to the end of 2021.
“Multiple company executives were paid salaries between approximately $270,000 and $300,000 a year in 2020, but their equity in the company allowed them to make more than $46 million each,” said data from Salary.com.
The years 2022 and 2023 haven’t been quite as profitable on the stock-based compensation front. Tesla shares have been volatile in recent years, but are essentially trading flat over a two-year period.
© 2023 Zenger News.com. Zenger News does not provide investment advice. All rights reserved.
Produced in association with Benzinga
Edited by Judy J. Rotich and Newsdesk Manager
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