Silicon Valley heavyweight Elon Musk may be worth billions, but his take-home pay was less than $70,000 last year, according to a company filing.

The co-founder and CEO of Tesla received $69,989 in pay for 2013, his take-home compensation falling from $78.2 million the previous year, Bloomberg reported.

In comparison, Ford CEO Alan Mulally makes around $23.2 million a year, according to Bloomberg.

Musk, who also heads the commercial space venture SpaceX, officially accepts $1 a year for his work, but the company gives him $33,280 in cash compensation, as follows California minimum wage requirements.

He has a 23 percent stake in Tesla, standing as the company's biggest shareholder, which gives him a net worth of around $10 billion, Bloomberg reported.

The growing electric car startup's next move is to start shipping Model S vehicles to China.

"At some point in the next three or four years we'll be establishing local manufacturing in China," Musk said in Beijing this week, as quoted by Bloomberg. "China is very important to the future of Tesla. We're going to make a big investment in China in terms of charging infrastructure."

Tesla confirmed this week that it will invest "hundreds of millions of dollars" to build a charging infrastructure in China, which the company believes could become its biggest global market in 2015.

Tesla's Model S electric car has been priced for 734,000 yuan ($118,000), which is much lower than anticipated but still 50 percent more expensive than it is sold for in the U.S.

The Palo Alto, Calif.-headquartered company opened its flagship store in Beijing in late 2013. The plan is to open showrooms in 10 to 12 more Chinese cities by the end of this year.

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