stacking up

How Elon Musk's $44.9B Tesla pay package compares with the most generous plans for other U.S. CEOs

Here's how Texan Elon Musk's unprecedented pay package compares to his peers. Photo via Getty Images

Even though the median U.S. CEO pay package last year was nearly 200 times more than a worker in the middle of their company pay scales, Elon Musk's record-setting Tesla compensation dwarfs them by comparison.

Tesla shareholders on Thursday voted overwhelmingly in favor of restoring Musk's 10-year pay plan, valued by the company in April at $44.9 billion. It was worth more early in the year, but Tesla's stock value has fallen about 25% since then.

The all-stock package, approved by the board and shareholders in 2018, rewards Musk for hitting milestones that include raising Tesla's market value, pretax income and revenue.

It had been tossed out by a Delaware judge in January who said the process for approving it was “deeply flawed.” The court ruled that Musk controlled the company's board, and shareholders weren't fully informed.

But the company said Musk deserves the pay because he turned Tesla into the top-selling electric vehicle maker in the world, increasing its market value by billions.

Even with the reapproval vote, Musk won't get access to the stock options just yet. Tesla is expected to ask the judge to revisit her decision in light of the vote, and if she doesn't, the company probably will appeal the ruling to Delaware's Supreme Court. The whole process could take months.

No matter the outcome, Musk's package — the largest award to a CEO of a U.S. public company — is far above what's been granted to other chief executives. Here's how the package compares:

WITH THE MEDIAN CEO PAY

The median pay package for an S&P 500 U.S. CEO last year was $16.3 million, according to data analyzed for The Associated Press by Equilar. If you multiply that by 10 to get $163 million for a decade of work, Musk's earnings still would be 275 times greater.

In her January ruling that struck down the package, Delaware Chancellor Kathaleen St. Jude McCormick wrote that Musk's package, then worth about $56 billion, was 250 times larger than the median peer CEO's pay plan.

WITH INDIVIDUAL CEOS

The top earner in the AP's survey was Hock Tan, CEO of artificial intelligence company Broadcom Inc. His package, mostly consisting of stock awards, was valued at about $162 million, when given to Tan at the start of fiscal 2023. Thanks to a surging stock price, Broadcom in March valued Tan’s pay package, plus older options he hadn’t yet cashed in, at $767.7 million. That's an amount easily eclipsed by Musk’s potential haul of 304 million shares worth almost $45 billion.

Other CEOs at the top of AP's survey are William Lansing of Fair Isaac Corp, ($66.3 million); Tim Cook of Apple Inc. ($63.2 million); Hamid Moghadam of Prologis Inc. ($50.9 million); and Ted Sarandos, co-CEO of Netflix ($49.8 million).

Technically, Musk got no compensation last year because he didn't get any stock options. But he stands to get even richer if his pay package goes through.

WITH TESLA WORKERS

It's difficult to calculate what Musk's annual pay would have been last year. The company says he got nothing. But if his compensation package makes it through the courts, his pay will be in the billions. According to the company's proxy filing this year, the median annual pay of a non-CEO Tesla employee last year was $45,811.

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A View From HETI

A new report predicts that Texas will be home to 30 percent of the U.S. data center market by 2028. Photo via Chevron.com

Data centers are proving to be a massive economic force in Texas.

For instance, a new report from clean energy company Bloom Energy predicts Texas will see a 142 percent increase in its market share for data centers from 2025 to 2028. That would be the highest increase of any state.

Bloom Energy expects Texas to exceed 40 gigawatts of data-center capacity by 2028, representing a nearly 30 percent share of the U.S. market. A typical AI data center consumes 1 to 2 gigawatts of energy.

“Data center and AI factory developers can’t afford delays,” Natalie Sunderland, Bloom Energy’s chief marketing officer, said in the report. “Our analysis and survey results show that they’re moving into power‑advantaged regions where capacity can be secured faster — and increasingly designing campuses to operate independently of the grid.”

“The surge in AI demand creates a clear opportunity for states that can adapt to support large-scale AI deployments at speed,” Sunderland adds.

Further evidence of the data center explosion in Texas comes from ConstructConnect, a provider of data and software for contractors and manufacturers. ConstructConnect reported that in the 12-month span through November 2025, data-center construction starts in Texas accounted for $11 billion in spending. At $12.5 billion, only Louisiana surpassed the Texas total.

Capital expenses for U.S. data centers were expected to surpass $425 billion last year, according to ratings agency S&P Global.

ConstructConnect also reports that Texas is among five states collectively grabbing 80 percent of potential data center construction starts. Currently, Texas hosts around 400 data centers, with close to 60 of them in the Houston market.

A large pool of data-center construction spending in Texas is flowing from Google, which announced in November that it would earmark $40 billion for new AI data centers in the state.

“Texas leads in AI and tech innovation,” Gov. Greg Abbott proclaimed when the Google investment was unveiled.

Other studies and reports lay out just how much data centers are influencing economic growth in the Lone Star State:

  • A study by Texas Royalty Brokers indicates Texas leads the U.S. with 17 clusters of AI data centers. The study measured the density of AI data centers by counting the number of graphics processing units (GPUs) installed in those clusters. GPUs are specialized chips built to run AI models and perform complex calculations.
  • Citing data from construction consulting company FMI, The Wall Street Journal reported that spending on construction of data centers is expected to rise 23 percent in 2026 compared with last year. Much of that construction spending will happen in Texas. In the 12 months through November 2025, the average data center cost $597 million, according to ConstructConnect.
  • Data published in 2025 by commercial real estate services company Cushman & Wakefield shows three Texas markets — Austin, Dallas and San Antonio — boast the lowest construction costs for data centers among the 19 U.S. markets that were analyzed. The mid-range of costs in that trio of markets is roughly $10.65 million per megawatt. Houston isn’t included in the data.

Although Houston isn’t cited in the Cushman & Wakefield data, it nonetheless is playing a major role in the data-center boom. Houston-area energy giants Chevron and ExxonMobil are chasing opportunities to supply natural gas as a power source for data centers, for example.

“As Houston rapidly evolves into a hub for AI, cloud computing, and data infrastructure, the city is experiencing a surge in data-center investments driven by its unique position at the intersection of energy, technology, and innovation,” says the Greater Houston Partnership.

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