The coronavirus pandemic saw thousands lose their jobs all over the world. However, it was a great time to be the CEO of a high-profile company, even if the business had suffered to an extent.
According to the New York Times, Gregory Maffei of Formula 1 was among the ‘Top 10’ highest-paid CEOs in 2020.
Maffei is the Chief Executive Officer of Liberty Media (owner of F1), SiriusXM, and the Atlanta Braves. This just goes to show that Maffei makes a more than sizeable sum of money.
Maffei stands at the seventh-spot on the list of highest-paid CEOs of 2020, with an estimated salary of $47.12 million. The top earner is Paycom CEO Chad Richison, who draws a salary of $211.13 million.
NYT does not go into much detail about Maffei’s business model. But, it does point out that companies like Hilton lost $720 million while its CEO made $55.9 million.
Extract from the NYT article:
“The divergent fortunes of C.E.O.s and everyday workers illustrate the sharp divides in a nation on the precipice of an economic boom but still racked by steep income inequality.
“The stock markets are up and the wealthy are spending freely, but millions are still facing significant hardship. Executives are minting fortunes while laid-off workers line up at food banks.
“Eight of the 10 wealthiest people in the world are men who founded or ran tech companies in the United States, and each has grown billions of dollars richer this year, according to Bloomberg.
“Jeff Bezos, the founder of Amazon, which saw profits skyrocket with people stuck at home, is now worth $193 billion. Larry Page, a Google co-founder, is worth $103 billion, up $21 billion in the last four months alone, as his company’s fortunes have only improved during the pandemic.
“And, according to security filings, a select few are rapidly accumulating new fortunes.”
Given the nature of the sport, it is not difficult to imagine that the CEO makes so much money.
Do you think F1 will see a further downfall in revenue due to the pandemic? Let us know in the comments below!
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