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Elon Musk’s latest Tesla pay package is bound to turn heads, as is often the case with his compensation. In its recent Form 10-K/A filing, Tesla disclosed Musk’s 2025 CEO performance award is valued at $132.3 billion at maximum grant-date fair value, assuming full achievement of ambitious market capitalization and operational milestones.
The Company also disclosed that Musk forfeited the 2025 CEO interim award, previously valued at $26.1 billion, after the reinstatement of his 2018 performance award restored full exercisability and triggered the award’s clawback provisions.
The value that Musk will ultimately receive from the 2025 PSU award will depend on the achievement of key milestones and Tesla’s future stock price. Since the award was granted, its potential value has increased. Based on the April 30, 2026 closing stock price, the value of the award is approximately $161.7 billion, assuming full performance achievement. In addition, Musk retains significant value from his 2018 CEO performance option award, now fully vested and exercisable, with an estimated current value of $116 billion, subject to share price.
Overall, Musk’s compensation remains heavily equity-driven and contingent on Tesla’s long-term performance, with realized value dependent on sustained stock appreciation and milestone execution.
Associate Editor at Equilar
Joyce Chen, Associate Editor at Equilar, authored this post. Courtney Yu, Director of Research, contributed data and analysis. Please contact Amit Batish, Sr. Director of Content & Communications, at abatish@equilar.com for more information on Equilar research and data analysis.
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