Tesla’s Chief Monetary Officer, Vaibhav Taneja, 47, obtained a $139.5 million pay bundle final 12 months.
The Wall Road Journal reported Tuesday that Taneja’s pay was the very best ever recorded for a CFO since trendy reporting began in 2006. The compensation consisted primarily of the inventory choices and fairness awards Taneja obtained in October 2024 due to his promotion to CFO in August 2023. It additionally included a base wage of round $303,000, based on an April 30 submitting with the U.S. Securities and Change Fee.
Compared, the median base pay for a Tesla analyst is $93,000, with median inventory grants of $20,000. Tesla employs round 120,000 staff globally, per CNBC.
Taneja has been with Tesla in numerous monetary roles since February 2017after working for practically twenty years at accounting agency PricewaterhouseCoopers and renewable power firm SolarCity.
Associated: ‘They Have to Broaden’: Tesla’s Annual Gross sales Declined For the First Time in 2024. This is Why.
His compensation beat the earlier file set by Kim Brady, who obtained $86 million in pay in 2020 because the then-CFO of electrical truck firm Nikola. Brady retired from the function in March 2023. Nikola has just lately encountered monetary difficulties, submitting for chapter in February after failing to boost extra funds or safe a purchaser.
Different CFOs in comparable corporations had been much less extremely compensated. Microsoft, which belongs to the Magnificent Seven group of high-performing tech corporations together with Tesla, awarded its 53-year-old CFO, Amy Hood, round $25.8 million in compensation final 12 months. One other Magnificent Seven firm, Meta, compensated its 39-year-old CFO, Susan Li, round $23.6 million in 2024.
Taneja obtained extra compensation in 2024 than his boss, Tesla CEO Elon Musk, who was not paid for his work final 12 months. Musk’s $56 billion compensation bundle was first accepted by shareholders in 2018 and trusted Musk main Tesla to hit a collection of income, market cap, and operational milestones. Musk achieved the targets, however has not obtained his pay after a Delaware decide decided final 12 months that the compensation was unfair to shareholders. Musk appealed that call in March.
Tesla CEO Elon Musk. Visible China Group through Getty Photos
Taneja’s excessive pay contrasts with Tesla’s latest poor efficiency. Within the first three months of this 12 months, Tesla’s web earnings plunged by 71% to $409 million in comparison with the identical time final 12 months. Tesla’s income additionally fell 9% to $19.3 billion, and its deliveries dropped 13% to 336,681 automobiles. The supply decline marked the largest quarterly drop in Tesla’s historical past.
Tesla shares had been up about 1.3% at present.
Associated: With Tesla Down 71% in Internet Earnings, Elon Musk Says He’ll Spend Much less Time at DOGE
Tesla’s Chief Monetary Officer, Vaibhav Taneja, 47, obtained a $139.5 million pay bundle final 12 months.
The Wall Road Journal reported Tuesday that Taneja’s pay was the very best ever recorded for a CFO since trendy reporting began in 2006. The compensation consisted primarily of the inventory choices and fairness awards Taneja obtained in October 2024 due to his promotion to CFO in August 2023. It additionally included a base wage of round $303,000, based on an April 30 submitting with the U.S. Securities and Change Fee.
Compared, the median base pay for a Tesla analyst is $93,000, with median inventory grants of $20,000. Tesla employs round 120,000 staff globally, per CNBC.
The remainder of this text is locked.
Be part of Entrepreneur+ at present for entry.
