August 11, 2021 2 minutes readTesla CEO received nearly $6.7 billion in compensation for 2020, thanks to stock options that allowed him to purchase Tesla shares at a predetermined price.This total brought his earnings up to 11 times what he earned from Oak Street Healths Mike Pykosz, the second highest-paid CEO of the year.Moonshot packages are a type of pay package that is tied to high business performance metrics.Related: Elon Musk's Tesla Postpones the Long-Awaited Cybertruck until 2022According to Bloomberg Pay Index, Pykosz earned $568 million primarily through option and stock awards. However, his salary and bonuses were included slightly.Bloomberg reports that Musk established a standard three-years ago when he started the award program. In 2020, at most 15 companies received similar awards in excess of $100 million.Even though other companies include similar awards, he is still at the top. Because Musk is so much ahead of everyone on the list, the Pay Index even includes a button that allows readers to Scale without Elon Musk.Musk's moonshot package was so successful because Tesla met the business targets based upon revenue growth, stock prices, and other figures. This was in 2018, the year that the award system was established.He is now at the top of Bloomberg's list for the third year straight.Related: Three Lessons from the Space-Bound Billionaires
