Tesla has approved a substantial restricted stock package worth approximately $29 billion for CEO Elon Musk to secure his leadership and recognize his contributions over the past several years. This action follows a previous pay package rejection in 2018, leading Musk to reassess his future at the company. The Board's Special Committee, which includes key members, emphasized its commitment to fulfilling promises made in the past performance award. The new award consists of 96 million restricted shares, subject to a two-year vesting period and regulatory approval, establishing a basis for future compensation aligned with Musk's achievements.
Tesla has granted Elon Musk a stock package worth about $29 billion to ensure his continued leadership and reward him for the substantial value he has created for shareholders.
Following a rejection of Musk's previous pay package in 2018, Tesla's Special Committee aimed to alleviate uncertainties regarding his future at the company.
The award includes 96 million restricted shares contingent on regulatory approval, reinforcing the company's commitment to fulfill the promises made in Musk's prior performance award.
Tesla acknowledges Musk's exceptional work and aims to compensate him for eight years without meaningful compensation, marking a 'good faith' gesture for his future services.
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