Tesla's Board approved a $29 billion restricted stock package for CEO Elon Musk to retain him and recognize his contributions over the years. This decision followed Musk's concerns after his previous 2018 pay package was rejected by a court. The package includes 96 million restricted shares, vesting over two years, with a purchase price set at $23.34 per share, referencing the previous performance award. The award aims to ensure compensation aligns with Musk's influence on Tesla's value and is framed as a good faith payment by the Board for future services.
Tesla has approved a $29 billion restricted stock package for CEO Elon Musk, aimed at retaining him and compensating for his contributions over recent years.
The Tesla Board's Special Committee stated that the award is a first step in honoring promises from the 2018 CEO Performance Award and recognizes Musk's extraordinary work.
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