FREMONT (CBS SF) — Elon Musk may be a billionaire, but last year his total compensation was just over $35,000.

A regulatory filing reveals Musk received the small salary for running electric car maker Tesla last year.

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His salary was equivalent to California’s minimum wage.

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But, Musk didn’t accept the salary, or receive cash from stock or bonuses.

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However, Musk, who also heads up rocket maker SpaceX, currently holds 35.3 million shares of Tesla, which translates to fortune of roughly $7.8 billion.