Tesla’s board just approved a massive $29 billion stock award for Elon Musk to keep him anchored as Tesla charges ahead into its next chapter — www.naijnaira.com reports.
The award, which includes 96 million shares, serves as an early step toward fulfilling a $50 billion package from 2018 that a Delaware court invalidated last year, according to Reuters.
To unlock the stock, Musk needs to remain in a top executive role for at least two more years, and the 2018 plan must stay overturned as it faces an ongoing appeal.
He also can’t cash out anytime soon — the shares must be held for five years, and he has to buy them at the original 2018 price of $23.34 each.
Tesla is banking on Musk to steer its transformation from an electric carmaker into a leader in self-driving robotaxis and humanoid robotics.
Despite declining sales, a dated vehicle lineup, and political controversies that have dented brand loyalty, the board is signaling strong faith in his leadership.
A shareholder vote set for November 6 will determine whether a broader, long-term CEO compensation plan gets the green light.
S&P Global Mobility data suggests Tesla’s customer loyalty has dropped significantly since Musk backed Donald Trump’s campaign last year.
His growing list of ventures, including his AI firm xAI, has led to growing concerns over how committed he still is to Tesla.
Musk has hinted he may walk if not given more control — and this deal seems like the board’s answer.
Article updated 2 months ago. Content is written and modified by multiple authors.
