We are all aware of how much money American CEOs make. However, I’m not sure if you’re ready to learn how much the highest-paid CEOs in America made in 2020. To give you some perspective, according to a new report from Bloomberg, in order to be one of the 10 highest-paid CEOs last year, you would have had to earn $220 million. Once more, you wouldn’t need to reach that amount to become THE highest-paid CEO. If you wanted to enter the top 10, you would have to reach that number.
You had to earn a genuinely gigantic sum of money if you wanted to be THE highest-paid CEO in America last year. And the term that best describes the person who won this honor in 2020 is astronomical. We are, of course, referring to Elon Musk.
Tesla paid Elon Musk somewhat less in 2020 than…
Technically speaking, according to the figures compiled by Bloomberg, Elon made $6,658,803,818. It is the highest CEO compensation package in history.
Elon was the highest-paid CEO by about a thousand miles. Elon would still hold the top spot by $100 million even if you subtracted a zero from the amount above, bringing his total compensation down to $665 million.
The second highest-earning CEO was Mike Pykosz, the CEO of a healthcare company called Oak Street Health. In 2020, Mike made $568 million.
Elon is renowned for not receiving anything for managing Tesla. Instead, Elon and the Tesla board settled on a somewhat unorthodox compensation structure in January 2018 where Elon receives substantial amounts of stock options at certain market cap milestones. This strategy has 12 “tranches.” For instance, tranche #1 occurred when Tesla’s market value reached $100 billion. The idea was created while Tesla’s market value was $50 billion. Elon received more options each time Tesla’s market valuation climbed by $50 billion, up to a maximum of $650 billion.
The goal of this exceedingly ambitious compensation scheme was to be reached over several years. or fail to achieve! Elon would not be paid a cent if the company did not grow. The majority of analysts thought the concept was completely absurd.
The 10 Highest Paid CEOs In the World
Here is the whole top 10 list:
Number One: Elon Musk, $6.6 billion (Tesla)
#3: $497 million for Trevor Bezdek (GoodRx)
Number Four: Douglas Hirsch, $497 million (GoodRx)
In case you were curious, 15 American CEOs received total compensation of more than $100 million in 2020.
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