In a surprising twist, Tesla’s Chief Financial Officer, Vaibhav Taneja, has reported a compensation package that surpasses that of many top executives in the corporate world.
Last year, Taneja’s total compensation reached over $139 million, largely attributed to stock options and equity awards, as outlined in a recent regulatory filing. This substantial figure has outstripped the earnings of several CEOs from major companies measured by revenue, according to research from Equilar.
Equilar’s Equilar 100 report highlights the highest compensation packages awarded to CEOs at U.S.-based or publicly listed firms generating more than $1 billion in revenue, all compiled from proxy statements filed by April 30, 2024.
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Taneja’s career at Tesla dates back prior to his appointment as CFO in August 2023. He previously held the position of chief accounting officer since March 2019, served as corporate controller from May 2018, and worked as assistant corporate controller from February 2017 to May 2018.
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A regulatory filing revealed that Tesla’s board has initiated a special committee aimed at reviewing specific compensation issues concerning CEO Elon Musk, who has reassured stakeholders of his intention to maintain his role at the helm of the electric vehicle manufacturer.
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Musk emphatically responded to inquiries about his commitment to Tesla, stating, “Yes, no doubt about that at all,” when asked about his plans to remain as CEO for the next five years. He humorously added, “Well, no, unless I die. I can’t be CEO if I am dead.”
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| TSLA | TESLA INC. | 343.82 | +1.73 | +0.51% |
Despite Musk’s insistence on his dedication to the company, concerns have arisen among investors regarding his attention to Tesla as he juggles responsibilities with SpaceX and xAI. These factors have been linked to a decline in Tesla’s stock price, which has dropped over 13% this year. Moreover, Tesla experienced its first quarterly decrease in global vehicle deliveries in more than a decade, with a 13% drop reported for the first quarter of the year amid waning consumer demand for electric vehicles and controversies surrounding Musk’s political activities within the Trump administration.
Finance Newso Business’ Eric Revell contributed to this report.
