Cautionary Words from Elon Musk on Lucid CEO Rawlinson's Compensation

author: FutureCar Staff    

According to a recent survey, Lucid Group Inc CEO Peter Rawlinson was the highest-paid automotive CEO in 2022. His total compensation reached $379 million, which is 11 times more than General Motors Co CEO Mary Barra, who had a total compensation of about $34 million. Ford Motor Co CEO James Farley ranks third among automaker CEOs with a total compensation of $18 million.

Responding to the survey, Tesla Inc CEO Elon Musk issued a word of caution, stating, "Beware any company where leadership compensation is not linked to performance." It is worth noting that Rawlinson was previously the chief engineer for Tesla's Model S.

In terms of production, Lucid exceeded its 2022 annual production guidance by producing 7,180 vehicles and delivering 4,369 vehicles. The company also reported an annual revenue of over $608 million.

Musk, on the other hand, did not receive a salary from Tesla in 2022. However, this is not a new practice for him, as he has not taken a cash salary from the company since 2019 when he received $23,760. Instead, Musk holds shares in Tesla and options that allow him to purchase more at a lower price if the company meets certain financial targets.

As of the end of 2022, Musk owned more than 423 million shares of Tesla, representing a 13.4% stake in the company. Tesla shares closed at $245 per share on Monday, marking a significant increase of 19,041% since the company went public.

It is worth mentioning that Musk is currently the richest person in the world, with a net worth of $248.8 billion according to Forbes's real-time billionaires list.

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Photo via Gage Skidmore on Wikimedia Commons

FutureCar Staff