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Elon Musk's salary exceeds Tata Motor's FY24 total revenue: Report
Photo courtesy: File image/UNI

Elon Musk's salary exceeds Tata Motor's FY24 total revenue: Report

| @indiablooms | 18 Jun 2024, 11:19 pm

Mumbai: Elon Musk's $56 billion remuneration package exceeds Tata Motors' total revenue for the 2023-24 financial year, which amounted to $52.44 billion (Rs 4.38 lakh crore), reported the Economic Times.

This package also exceeds the revenues of other major Indian companies, such as HPCL ($52.09 billion), SBI ($40.35 billion), Rajesh Exports ($37.48 billion), and TCS ($29.04 billion).

Tesla shareholders recently re-approved Musk's $56 billion compensation package at an annual meeting, following its earlier invalidation by a Delaware court.

Analysts believe this approval reduces the risk of Musk leaving Tesla. Despite this vote of confidence, Tesla is experiencing challenges, including an 8.7% drop in quarterly revenues to $21,301 million from $23,329 million in the same quarter the previous year.

Additionally, Tesla's shares have declined nearly 25%, including a 32% drop last year.

In contrast, Tata Motors reported a fourth-quarter revenue of Rs 1.20 lakh crore for 2023-24, a 13.3% increase year-over-year.

The company's shares have risen 25% year-to-date and 74% over the past year.

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