However, Musk will only receive that money over the course of a 10-year period if Tesla's market capitalization reaches $650 billion.
Musk’s base salary (which he did not accept) was $51,380 in 2018, which reflects the legal minimum wage in California, according to documents filed with the Securities and Exchange Commission on Friday.
The median Tesla worker’s compensation last year was $56,163.
In another filing on Friday, the electric carmaker revealed that four board members will leave the company as part of a streamlining process to allow the board to “operate more nimbly and efficiently.”
Brad Buss, Antonio Gracias, Stephen Jurvetson and Linda Johnson Rice will not stand for re-election to the board at the end of their respective terms, according to the filing.
“Such agreements did not result from any disagreements between Tesla and any such directors,” the filing said.