Elon Musk’s $56 billion remuneration package is more than Tata Motors’ total revenue for 2023-24, the Economic Times wrote.
Tesla CEO Elon Musk waves as he leaves the Tesla Gigafactory for electric cars in Gruenheide near Berlin, Germany. (AP)
In comparison, Tata Motors’ revenue for the financial year 2023-24 was $52.44 billion, or ₹4.38 lakh crore.
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Musk's compensation package also surpasses the total revenues of other prominent Indian entities, including HPCL ($52.09 billion), SBI ($40.35 billion), Rajesh Exports ($37.48 billion), and TCS ($29.04 billion), the article read.
Tesla shareholders recently approved CEO Elon Musk's $56 billion remuneration package for the second time at a crucial annual shareholder meeting, following a prior invalidation by a Delaware court earlier this year, according to the report.
Analysts and investors had speculated that approving Musk's remuneration package will mitigate the risk of him leaving Tesla, according to the report.
Despite the vote of confidence from the Tesla board, the company faces declining quarterly revenues that have fallen by 8.7% to $21,301 million compared to $23,329 million in the same quarter of the previous year, according to the company’s 2024 quarterly results.
Tesla's shares have also declined nearly 25%, with a 32% plunge last year, according to the report.
Tata Motors's fourth quarter revenue for 2023-24 stood at ₹1.20 lakh crore, marking a 13.3% year-over-year increase. The automaker's shares surged by 25% on a year-to-date basis, and gained 74% in the past year, according to the article.
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