Meet man who earns crores in one day, more than several CEOs, his annual income is Rs...

One of the most talked about topics is ‘job’ and ‘salary’ a related component. Sources of earnings have evolved over time and people are focusing more on profits and better earnings while keeping their employment upgraded with better opportunities. There is one such individual who has evolved to the highest levels in this scenario and has a whooping salary of Rs 17,500 crore. He is Jagdeep Singh.  

This translates to Jagdeep Singh earning an average of Rs 48 crore per day. His incredible earnings are more than the annual turnover of many of the large companies.  His staggering earnings have become a reason of national pride as they have shared such a big feat by an Indian employee.  

Jagdeep Singh is the CEO and founder of Quantumscape, a leading electric car battery developer.  The company is a tech startup which he founded in 2020 and develops solid-state rechargeable lithium metal batteries for electric cars. Quantumscape is headquartered in San Jose, California. It is indeed incredible that he founded his company only five years ago, in 2020, and in such a short time raised his salary to the highest standards.  

How did Jagdeep Singh earn such a salary? 

During a webcast of QuantumScape's annual shareholder meeting, the shareholders agreed to a multibillion-dollar pay package for its CEO. During the meeting, the package was passed in a preliminary vote. An advisor from proxy advisory firm Glass Lewis called the package “staggering” in size.  

However, an agreement mentioned that Chief Executive Officer Jagdeep Singh might be eligible for stock options worth up to $2.3 billion, provided the business reaches a number of benchmarks. 

"We strongly believe in setting challenging, hard-to-achieve goals, and then focusing efforts to make them happen. This is why we based this new award on stretch goals and why we gave our key executives the ability to share in the upside in a way that is commensurate with the difficulty of achieving them," QuantumScape had said in a letter to shareholders defending the package.  

On the strength of its next-generation technology, which could significantly accelerate EV adoption by giving automakers a less expensive and safer substitute for lithium-ion batteries, QuantumScape, which is supported by Volkswagen AG and Bill Gates' venture fund, shot to a valuation of nearly $50 billion late last year. With shares down 72% through Tuesday's closing, it has been under siege this year from short-sellers who doubt its prospects.