Forbes found that the salaries of the executives at the company are not high compared to other social media and tech companies.
Musk dislikes how much the board of directors is paid.
The average director compensation for the year was nearly $300,000.
According to company filings, the directors of Snap made an average of $330,000 last year, while the board members at Meta made an average of $500,000.
Last year, the CEO of the company made around $30 million.
According to filings, the CEO of Meta Platforms made nearly $27 million in total compensation, while the CEO of Alphabet made $6.3 million.
The chief financial and legal officers of the company made between $16 million and $19 million in total compensation last year.
Other executives made up to $10 million when counting stock awards, as well as other executives making up to $28 million.
The total stock-based compensation for the year was $630 million, a 33% increase from the year before.
If my bid succeeds, the salaries of the board of directors will be eliminated, saving around $3 million per year.
Musk had to convince banks that he would cut costs at the social media company and make it more profitable in order to get the debt financing for the acquisition. The richest person in the world had to pitch his plan for cost cuts at the company, and although thin on details, Musk said he would crack down on executive and board pay at the company.
Forbes calculated how much Musk is worth. The world's richest person sold over $8 billion worth ofTesla stock last week to help finance his acquisition of the social networking site.
This week, the total sales of Musk's stock were more than $8 billion.
Is it time to buy both of them again? According to experts, beaten down tech stocks are value plays.
Will the deal die and why doesn't the stock price match the offer? (Forbes)
After the company accepted the buyout offer, the stock jumped over 5%.
All Rights Reserved © 2024
