DNA Verified: Does Jagdeep Singh, QuantumScape CEO, earn Rs 48 crore every day? Know truth here

Recently, media reports went viral claiming that Jagdeep Singh, the co-founder and ex-CEO of QuantumScape, earns a staggering Rs 48 crore daily, making him the highest-paid executive in the world. These reports created a buzz online, becoming a trending topic on Google. However, thorough research by DNA India reveals that these claims are false and lack any factual basis.

The Reality Behind the Claims
Jagdeep Singh stepped down as QuantumScape’s CEO in February 2024. According to the company’s official filings and legal documents, Singh no longer receives any compensation for his role as CEO. The company clarified this in an 8-K filing with the U.S. Securities and Exchange Commission (SEC), which stated that Singh had waived his compensation for serving on the board.

Additionally, the stock options granted to him under the company’s 2021 Extraordinary Performance Award Program were terminated when he transitioned away from the CEO role. While he did receive the 2023 annual bonus in the form of company shares, this was earned before his departure as CEO. Singh also chose not to participate in QuantumScape’s standard compensation plan for non-employee board members.

The SEC document specifically mentions:

"Effective February 15, 2024, Mr. Singh will no longer receive any compensation for his service as CEO, other than the 2023 annual bonus already earned. The stock options under the Company’s 2021 Extraordinary Performance Award Program will terminate in connection with his transition."

Leadership Change at QuantumScape
QuantumScape officially appointed Dr. Siva Sivaram as its new CEO on February 15, 2024, marking a new phase for the company. Singh continues to serve as Chairman of the Board of Directors.

In an official statement, Singh expressed pride in founding QuantumScape and confidence in Dr. Sivaram’s ability to lead the company into the future:

“Founding QuantumScape has been the highlight of my career. Siva is the right leader to bring our solid-state lithium-metal batteries to market.”

Conclusion
The viral claims of Jagdeep Singh earning Rs 48 crore daily as the highest-paid executive in the world are entirely untrue. Verified documentation and official statements from QuantumScape debunk these rumors, confirming that Singh no longer draws any compensation from the company.