Tesla cut pay during a recession to not undergo layoffs.
The overvaluation of the share price is irrelevant to this and shouldn't be thought of as a sustained wealth gain for Elon.
Also, the overvaluation of the shares is largely to do with the cult status of the CEO, so the increase in value of employee stock options to slightly compensate for the pay cut is the result of elons brand.
Hell, the fact that Tesla can afford to employee so many people is because of elons brand to be able to do things like get special tax incentives from NY state to build a roof shingle factory in buffalo etc