Tesla has announced a pay package for Elon Musk totaling $29 billion, consisting of 96 million restricted shares recommended by the board of directors. This decision is intended to incentivize and retain Musk as CEO amid a competitive environment for talent in AI. The new package follows the rejection of Musk's 2018 pay package by a Delaware judge, which was valued at approximately $46.8 billion in June. The board emphasizes the importance of this move for Tesla's future leadership.
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.
Tesla board members Robyn Denholm & Kathleen Wilson-Thompson stated the new package was necessary to "retain and incentivize" Musk amid an "ever-intensifying AI talent war."
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