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CEO Elon Musk received $0 in 2023 despite Tesla’s staggering deliveries

CEO Elon Musk received $0 in 2023 despite Tesla’s staggering deliveries
Aneena Alex

Tesla Inc (NASDAQ: TSLA) alongside Lucid Group, Inc. (NASDAQ: LCID) are at the forefront of the electric vehicle (EV) industry’s rapid expansion, driven by a global push towards clean energy and innovative technology. Notably, despite Tesla’s impressive performance in vehicle deliveries, CEO Elon Musk did not earn any compensation in 2023.

In 2023, Tesla achieved a significant milestone by delivering at least 1.8 million vehicles, fulfilling its own ambitious target. The company reported 484,507 vehicles delivered in the fourth quarter alone, contributing to a total of 1,808,581 deliveries for the year. Despite these considerable achievements, Tesla’s proxy statement indicated that CEO Elon Musk’s total compensation for the year was $0.

This decision is rooted in Musk’s unique compensation structure, where earnings are tied to stock options contingent upon meeting specific performance benchmarks. Although Tesla met its performance goals by 2023, a Delaware judge’s early 2024 ruling invalidated a $56 billion compensation package proposed for Musk in 2018, based on these targets.

Interestingly, as of today, April 17, 2024, Tesla is asking shareholders to vote on reinstating the pay package and potentially relocating the company headquarters out of Delaware.

Lucid group on the rise

Contrasting sharply with Tesla, Lucid Group reported a total of 6,001 vehicle deliveries in 2023, marking a 37% increase from the previous year. The CEO of Lucid took $380 million in compensation, highlighting the stark differences in compensation strategies within the EV sector.

Gurgavin Chandhoke, CEO at uINVST, highlighted the uniqueness of this compensation situation in a post on X (formerly Twitter) on April 17.

Analysis of Tesla (TSLA) and Lucid Motors (LCID)

Over the past six months, both Tesla (TSLA) and Lucid Motors (LCID) have experienced significant fluctuations in their stock prices.

6-Month growth comparison of TSLA and LCID. Source: TradingView

Tesla’s stock price has seen considerable volatility, starting around $255 in late December 2023 and moving down to about $175 by April 2024. The stock had a 52-week low of $152.37, showing some significant downward pressure during this period.

Technical analysis of TSLA stock. Source: TradingView

Technical indicators for TSLA spell out different ratings. Overall, they point towards a ‘sell’ at 16, while moving averages indicate a ‘strong sell’ at 14. Oscillators are tilting towards ‘buy’ at 1. 

Lucid’s stock has also been quite volatile, but the price movements have been more severe relative to its market size.Starting from around $4.21 at the beginning of the year, it sharply decreased by about 43%, trading at around $2.40 as of April 2024.

As Tesla and Lucid navigate the rapidly evolving electric vehicle landscape, their contrasting strategies in leadership compensation and corporate governance remain interesting to investors and industry analysts.

With Tesla leading in volumes and innovation, and Lucid gaining momentum, the dynamics within the EV market continue to offer intriguing developments.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

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