"Tesla awarded Elon Musk 96 million shares of restricted stock valued at approximately $29 billion, following a judge's order to revoke his previous pay package."
"Musk must pay Tesla $23.34 per share of restricted stock that vests, which is equal to the exercise price of his 2018 compensation package."
"In December, a judge ruled that Tesla must revoke Musk's multibillion-dollar pay package, citing engineered negotiations with non-independent directors."
"Tesla faces challenges with a drop in stock price, significant competition, and a decline in quarterly profits from $1.39 billion to $409 million."
Tesla awarded Elon Musk 96 million shares of restricted stock valued at approximately $29 billion. Musk must pay $23.34 per share of this restricted stock that vests. A judge had previously ruled that Musk’s prior pay package was to be revoked due to sham negotiations with non-independent directors. Shares of Tesla have dropped 25% this year amid increased competition and lower quarterly profits, which have declined from $1.39 billion to $409 million. An annual shareholders meeting was planned for compliance with Texas state law.
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