Tesla is awarding CEO Elon Musk 96 million shares of restricted stock valued at about $29 billion, despite a judge's order to revoke his pay package. Musk is required to pay $23.34 per share for the restricted stock that vests. A lawsuit from a stockholder had challenged Musk's 2018 compensation, which the court found was a product of questionable negotiations. Tesla's shares have fallen 25% this year, affected by various market pressures, including competition and executive controversies.
Tesla is awarding CEO Elon Musk 96 million shares of restricted stock valued at approximately $29 billion, just six months after a judge ordered the company to revoke his massive pay package.
Musk must first pay Tesla $23.34 per share of restricted stock that vests, which is equal to the exercise price per share of the 2018 pay package.
At the time McCormick also rejected an equally unprecedented and massive fee request by plaintiff attorneys, who argued that they were entitled to legal fees in the form of Tesla stock valued at more than $5 billion.
Tesla shares have plunged 25% this year, largely due to blowback over Musk's affiliation with President Donald Trump.
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