Elon Musk’s $56 billion remuneration package from Tesla has eclipsed Tata Motors’ total revenue for the financial year 2023-24. According to the Economic Times, Tata Motors reported a revenue of $52.44 billion (₹4.38 lakh crore) for this period.
Musk’s extraordinary compensation package also exceeds the revenues of other major Indian companies. Hindustan Petroleum Corporation Limited (HPCL) reported revenues of $52.09 billion, State Bank of India (SBI) $40.35 billion, Rajesh Exports $37.48 billion, and Tata Consultancy Services (TCS) $29.04 billion.
In a significant move, Tesla shareholders recently approved Musk’s $56 billion remuneration package for the second time at a crucial annual shareholder meeting. This approval came after a previous invalidation by a Delaware court earlier this year. Analysts and investors had speculated that endorsing Musk’s compensation would mitigate the risk of him leaving Tesla.
Despite this vote of confidence, Tesla faces financial challenges. The company’s quarterly revenues have dropped by 8.7%, falling to $21.3 billion compared to $23.3 billion in the same quarter of the previous year. Furthermore, Tesla’s shares have declined nearly 25%, following a 32% plunge last year.
In contrast, Tata Motors reported a 13.3% year-over-year increase in its fourth-quarter revenue for 2023-24, amounting to ₹1.20 lakh crore. The automaker’s shares have shown impressive performance, rising 25% on a year-to-date basis and gaining 74% in the past year.
