Tesla says Musk's 2025 pay was $158.36 billion in stock awards, none of it received
In short
Tesla disclosed that Elon Musk's 2025 compensation was stock awards valued at about $158.36 billion. Jiemian reported that the figure is an accounting fair value and that Tesla said Musk actually received nothing, because the 2025 performance targets were not met.
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Tesla disclosed on 19 October that Elon Musk's 2025 compensation was made up of stock awards worth about $158.36 billion, according to CLS, Yicai and Jiemian. CLS and Jiemian said the figure, given as $158.359 billion, was disclosed in a filing to the US Securities and Exchange Commission (SEC). [ 1 , 2 , 4 , 5 ]
According to 36Kr, which cited Sina Finance, $132.3 billion of the total is the grant-date fair value of the 2025 CEO performance award, on the premise that all performance targets are met. The other $26.06 billion is the grant-date fair value of the 2025 CEO interim award, which was entirely forfeited in April 2026. IT Home, citing Forbes, said the filing was a 14A proxy statement. It said the board approved 96 million restricted shares in August 2025, after the Delaware Supreme Court restored Musk's 2018 pay package, and that Musk gave up the interim award on 21 April. [ 3 , 6 ]
Jiemian reported that the $158.359 billion is not cash in hand but the accounting fair value of last year's CEO performance award plan. It said Tesla stated in the filing that the 2025 market capitalisation and operating targets were all missed, so Musk received no cash and no unlocked equity. IT Home added that under the SEC's method the pay actually paid to Musk in 2025 was $10.37 billion, while on Tesla's own realised-pay basis it was $0, because he took no regular salary and sold no exercised shares. Jiemian worked out that the sum equals $18.08 million for each hour of the year. [ 6 , 7 ]
Jiemian said the figure set a record for executive pay. It put Tesla CFO Vaibhav Taneja's 2025 total pay at $403,000 and that of Zhu Xiaotong (朱晓彤), senior vice president for Asia-Pacific and global manufacturing, at $376,000. IT Home, using data on 135,623 employees, said median pay for non-executive staff was $62,786, up from $57,243 in 2024 and $45,811 in 2023. Jiemian gave the median as $62,800 and said Musk's book pay is 2.52 million times that. [ 6 , 7 ]
Jiemian said Tesla shareholders approved a $1 trillion pay plan for Musk at the November 2025 annual meeting, with more than 75% in favour. It covers up to 423.7 million restricted shares, about 12% of adjusted total share capital, released in 12 tranches against 12 sets of targets. IT Home said none of the targets has been met. Jiemian and IT Home differ on the market value at the start of the ladder, $1.4 trillion and $2 trillion respectively, though both give $8.5 trillion as the goal. [ 6 , 7 ]
IT Home also reported that on 16 June Musk exercised all 303,960,630 options from his 2018 pay package at $23.34 a share. Tesla withheld 17,531,857 shares instead of taking cash, and the remaining 286,428,773 became restricted shares that vest in January 2028. [ 6 ]
Why it matters
Chinese business and tech outlets framed the figure as a record for executive pay but stressed that it is a book value rather than money paid out. The filing also lets readers compare Musk's pay with that of other Tesla executives and the median employee.
Key facts
- Tesla said Elon Musk's 2025 compensation included stock awards valued at $158.36 billion. [ 1 , 2 ]
- Tesla disclosed in a filing to the US Securities and Exchange Commission that Musk's total 2025 pay was $158.359 billion in stock awards, CLS and Jiemian reported. [ 4 , 5 ]
- Of the total, $132.3 billion is the grant-date fair value of the 2025 CEO performance award, on the premise that all performance targets are met, and $26.06 billion is the grant-date fair value of the 2025 CEO interim award, which was entirely forfeited in April 2026. [ 3 ]
- Jiemian reported that Tesla said in the filing that the 2025 market capitalisation and operating targets were all missed, so Musk received no cash and no unlocked equity. [ 7 ]
- Tesla's median employee pay was $62,786 in 2025, based on 135,623 employees, according to IT Home citing the proxy statement. [ 6 ]
- Jiemian reported Tesla CFO Vaibhav Taneja's 2025 total pay at $403,000. [ 7 ]
Confirmed by several sources
- Tesla disclosed that Musk's 2025 pay was about $158.4 billion, made up of stock awards. [ 1 , 2 , 3 , 4 , 5 , 6 , 7 ]
- The figure appears in Tesla's filing with the US Securities and Exchange Commission. [ 4 , 5 , 6 , 7 ]
- The $158 billion headline figure is not money Musk received: on Tesla's own realised-pay basis his 2025 pay is zero, and Jiemian reported he got no cash and no unlocked equity. [ 6 , 7 ]
- Median Tesla employee pay in 2025 was about $62,800. [ 6 , 7 ]
Still unclear
- The market capitalisation at the start of the 12-target ladder in Musk's long-term award. Jiemian says the final target is a rise from $1.4 trillion to $8.5 trillion; IT Home says from $2 trillion to $8.5 trillion.
- The exact total. CLS first reported $158.36 billion, citing Tesla; CLS, Jiemian and 36Kr later gave $158.359 billion, and IT Home rounded to $158.4 billion.
- How many times Musk's figure exceeds median employee pay. IT Home says it is under 1/2.5 million of his pay; Jiemian says Musk's book pay is 2.52 million times the ordinary employee's.
What local media are saying
Timeline, local time
- On 19 October CLS reported that Tesla said Musk's 2025 pay included $158.36 billion in stock awards. [ 1 ]
- 36Kr published the split between the performance award and the interim award. [ 3 ]
- CLS reported that the figure was disclosed in a filing to the SEC, at $158.359 billion. [ 4 ]
- On 20 October Jiemian reported that the amount is a fair value and that Musk's actual take-home pay was zero. [ 7 ]