The maker of Taser is the highest paid CEO, taking home $165 million—his new pay package and soaring stock made him a billionaire last year
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Axon CEO Rick Smith topped the highest-paid CEOs list, reportedly raking in $165 million through stock incentives at his company, selling Tasers, security cameras, drones, and VR training. Smith became a billionaire last year due to his compensation package, boasting a net worth of $2.5 billion. But the tragic backstory behind his $17 billion company, which has driven its business ethos, may be partly false.
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When imagining the highest paid CEOs, one might guess Jensen Huang leading Nvidia’s breakout success, or Elon Musk helming his multiple tech successes. But the top executive taking home the bacon is the boss of Tasers.
Rick Smith, the co-founder and chief executive of Axon Enterprise, was the highest-paid CEO in 2024, a new report has revealed.
According to the WSJ, the Axon CEO got a $165 million pay package last year—topping that of Larry Culp’s $89 million, Stephen Schwartzman’s $84 million, and Tim Cook’s $75 million. Smith’s total pay is a 999% increase from his compensation in 2023, which has shot up dramatically since Axon’s compensation revamp last year.
The Axon leader has run the company since 1993, and became a billionaire last year after the company changed its CEO wage strategy. Smith said he was inspired to launch the company—which manufactures Tasers, and has expanded to security cameras, drones, and VR training largely for government agencies—after two of his high school friends were gunned down. He saw Taser devices as a less lethal way to help end gun violence. But family members of the victims have rejected his claims.
Soaring stocks and a Musk-inspired pay package launched him to billionaire status
While Smith tops this year’s list of highest-paid CEOs, he made headlines last year for rising to billionaire status with a highly lucrative pay strategy.
Last year, Axon modeled its chief executive’s total compensation after Musk’s package at Tesla. Nearly all of his money lies in stock awards—which have been soaring over the past few years. Axon’s revenue had grown more than 30% for three years straight by 2024, reeling in a record-breaking annual net income of $377 million. The business’s shares also more than doubled in 2023, skyrocketing by over 50%. Combined with the rest of his pay package, he finally made the Bloomberg Billionaires index in 2024, boasting a net worth of $2.5 billion.
This type of compensation is high-risk, but also high-reward—if Axon doesn’t meet its stock price, operations targets, and minimum service requirements for the years from 2024 to 2030, Smith doesn’t receive his full pay package.