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- Tesla has just unveiled a new $29 billion pay package for Elon Musk.
- The EV giant’s board said that the new “good faith” award was necessary to “incentivize and retain” Musk as Tesla’s CEO.
- It comes after Musk’s massive 2018 pay package was struck down by a Delaware judge in late 2024.
Tesla has unveiled a new $29 billion pay package for Elon Musk.
The EV giant’s board announced on Monday that it had recommended that shareholders grant Musk a “good faith” CEO performance award of 96 million restricted shares of Tesla stock, worth just over $29 billion based on the stock’s current value.
It comes as Musk’s 2018 pay package, which was worth around $46.8 billion in June, remains in limbo after being struck down by a Delaware judge in December 2024.
In a letter to shareholders, Tesla board members Robyn Denholm & Kathleen Wilson-Thompson said the new package was necessary to “retain and incentivize” Musk amid an “ever-intensifying AI talent war.”
This is a developing story. Check back soon for updates.
Read the original article on Business Insider
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