Topline
Tesla approved a stock award worth around $29 billion to Elon Musk, the company disclosed in an SEC filing, in a move that comes after a judge struck down an earlier multibillion-dollar pay package granted to the carmaker’s centibillionaire CEO.
Tesla approved a stock award worth nearly $30 billion for its CEO Elon Musk.
Associated Press
Key Facts
The committee which includes Tesla chair Robyn Denholm and board member Kathleen Wilson-Thompson told shareholders, “we know that one of your top concerns is keeping Elon’s energies focused on Tesla,” and the stock award was “a critical first step toward achieving that goal.”
As the legal case over Musk’s earlier pay package remains pending before court the committee said it “deliberated carefully” to grant this interim stock award to Musk “against the backdrop of the ever-intensifying AI talent war and Tesla’s position at a critical inflection point.”
The statement noted that a “longer-term CEO compensation strategy” for Musk will be put to a shareholder vote at the company’s November 6 annual meeting.
This is a developing story.