Elon Musk’s $56 bn pay: If Tesla chief was an Indian firm, he would be bigger than Tata Motors, SBI & TCS in revenue

  • Tesla board approves Musk's $56 billion pay package.
  • Tesla CEO's annual pay beats the revenues of SBI, TCS and Tata Motors.

Anubhav Mukherjee
First Published14 Jun 2024, 07:09 PM IST
Elon Musk, Chief Executive Officer of Tesla and SpaceX. (File Photo: Reuters)
Elon Musk, Chief Executive Officer of Tesla and SpaceX. (File Photo: Reuters)

Tesla investors have supported Chief Executive Officer Elon Musk’s historic $56 billion pay package. If the tech billionaire was an Indian company, he would have been ranked the fifth largest on the list of major corporations in India by revenue.

On Thursday, the electric vehicle manufacturer’s board approved Musk’s $56 billion pay package, supporting his leadership and incentivising his focus on the auto giant. The decision has put Elon Musk's salary higher than the revenue of Bharat Petroleum (BP), the fifth-largest company in India.

ALSO READ: Tesla investors give nod to record $56 billion pay package for Elon Musk

In fact, if Elon Musk was an Indian company, he would have been the fifth-largest in the country. Musk’s salary is higher than the revenues of Bharat Petroleum (BP) at $54.03 billion, Tata Motors at $52.43 billion, Hindustan Petroleum (HP) at $52.09 billion, State Bank of India (SBI) at $40.35, Rajesh Exports at $37.48 billion, and Tata Consultancy Services (TCS) at $29.04 billion, according to data collected from CompanyMarketCap.com.

Elon Musk's pay package will now come after Reliance Industries (RIL) at $108.62 billion, Life Insurance Corporation of India (LIC) at $96.10 billion, Indian Oil (IOC) at $93.84 billion, and Oil and Natural Gas Corporation (ONGC) at $77.54 billion, according to the data.

Elon Musk's pay package vs Indian companies' revenue

ALSO READ: Elon Musk's $56 Billion Pay Package: Who Is for It and Against It

Tesla board’s vote of confidence on Musk comes at a tough time, as the company's sales have been going down over the quarters. Total revenues for the company are down 8.69 per cent at $21,301 million, when compared to $23,329 million in the same quarter the previous year, according to data collected from the first quarter results of 2024.

ALSO READ: Elon Musk may leave Tesla if $56 billion pay not approved, Robyn Denholm warns shareholders ahead of board meeting

The company has lost 26.33 per cent of its market share in the calendar year 2024, the data has shown. However, Tesla is still the largest company in terms of market share.

Stock market investors were positive about the company's announcement as shares rose to a high of $191.08 in Thursday's trading session, the highest since April 30, 2024. Tesla Motors shares are now trading at $182.45, according to market data from Trendlyne.

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First Published:14 Jun 2024, 07:09 PM IST
HomeCompaniesElon Musk’s $56 bn pay: If Tesla chief was an Indian firm, he would be bigger than Tata Motors, SBI & TCS in revenue

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