3 ms·
Fun bit: Mr. Musk does not take a salary, although under California State law, Tesla is required to pay him at least minimum wage. Tesla sends him checks that p
by sytelus 9y ago
Fun bit: Mr. Musk does not take a salary, although under California State law, Tesla is required to pay him at least minimum wage. Tesla sends him checks that pay him a little more than $37,000 annually.
A first minimum wage CEO of a public company?
- secabeen 9y agoNo, there are lots of CEOs that only take $1 salary, in states where they can be exempt from minimum wage.
- Isamu 9y agoSteve Job's salary was $1, this was widely reported.
- ZeroGravitas 9y agoDidn't he also get the use of a private jet or something like that? That might be considered part of his compensation and so take him above minimum wage.
- jjeaff 9y agoYes, any private use of company property will require tax reporting and he would have to pay income tax on that jet usage of at least cost.
- craftyguy 9y agoBragging about having a $1 salary is basically telling your employees that you make so much more in other benefits that you can choose to forego the one thing (salary) that makes up the vast majority of their total comp.
- throwawayfinal 9y agoIn Steve Jobs' case, it was meant to instill confidence that he was in it for the long term - at the time, Apple was on death's doorstep. He also had enough cash in the bank prior to re-joining that he didn't really need the money.
- craftyguy 9y agoSalary does not reflect total compensation. Even the infamous "$1 salary CEOs" still take home millions in options, bonuses, and other perks.