Here's how much Tesla's Elon Musk earned in 2020

Apple's Tim Cook fell into 8th position on Bloomberg’s annual pay index, with $265m in compensation

Elon Musk, who recently declared himself the techno-king of Tesla, received his compensation in option awards that give him the right to buy the company’s shares at a set price. AFP

Elon Musk, co-founder and chief executive of electric vehicle maker Tesla, earned about $6.7 billion last year, 11 times more than the second highest-paid executive in the US, according to Bloomberg’s annual pay index.

Mr Musk recently declared himself the "techno-king of Tesla" and received his payment in “option awards” that give him the right to acquire the company’s shares at a set price.

Tesla, which reported a nearly tenfold annual increase in second-quarter net profit of $1.1bn, delivered a record number of vehicles in three months to June 30.

Its stock has climbed more than 146 per cent in the past 12 months. The California-based company said it managed to meet its production targets despite coronavirus-induced supply chain disruptions that led to a shortage of global semiconductors.

According to Bloomberg’s tally, Mr Musk was followed by Mike Pykosz, chief executive of US healthcare company Oak Street Health. He earned more than $568.4 million, including $359.7m in stock awards, $207.7m in options and about $1m in salary, bonus and perks.

Top 10 highest-paid executives in US

1. Elon Musk, chief executive of Tesla - $6.7bn
2. Mike Pykosz, chief executive of Oak Street Health – $568.4m
3. Trevor Bezdek, chief executive of GoodRX Holdings – $497.8m
4. Douglas Hirsch, chief executive of GoodRX Holdings – $497.8m
5. Eric Wu, chief executive of Opendoor – $388.7m
6. Alex Karp, chief executive of Palantir – $369.6m
7. Geoffrey Price, chief operating officer of Oak Street Health – $356.3m
8. Tim Cook, chief executive of Apple – $265m
9. Griffin Myers, chief marketing officer of Oak Street Health – $221.4m.
10. Chad Richison, chief executive of Paycom Software – $220m

Bloomberg compiled its annual pay index on the basis of regulatory filings submitted to the US Securities and Exchange Commission. It ranks the highest-paid executives of publicly traded US companies.

Besides Mr Pykosz, there are two more Oak Street Health executives in the top 10. They include the company’s chief operating officer Geoffrey Price, ranked seventh with earnings of $356.3m, and chief marketing officer Griffin Myers, who came in ninth with $221.4m.

Founded in 2012, Oak Street Health is a network of primary care centres for adults in the US. Last week, it opened its 100th nationwide centre in Atlanta.

The company offers a dedicated patient support line, preventive care plans, behavioural health care, social health support and medical education classes to help older adults meet their unique needs in one convenient location.

Trevor Bezdek and Douglas Hirsch, the co-chief executives of another US healthcare company GoodRX Holdings, were both tied on the list with earnings of $497.8m. They received majority of their payments through stock awards.

GoodRX offers a range of services that help people select an affordable healthcare option by choosing doctors with lower consultation fees and cheaper pharmacies and medical laboratories.

Eric Wu, chief executive of Opendoor, a technology company for residential property transactions, earned $388.7m to be ranked fifth. Software company Palantir's chief executive Alex Karp ($369.6m) and Paycom Software's chief executive Chad Richison ($220m) were in sixth and tenth place, respectively.

With a compensation of $265m, Apple's chief executive Tim Cook fell into 8th position, down from second on the 2019 list.