Tesla Board Approves New $29 Billion Stock Award for Elon Musk
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As part of a new compensation plan meant to make sure the billionaire inventor stays in charge Tesla (TSLA.O) has rewarded CEO Elon Musk with a new stock award worth about $29 billion. The move comes during the company’s shift from struggling car sales to developing robotaxis and humanoid robots.
Musk will be qualified to seek the new stock award prize if he stays in a senior executive role for two more years and a court does not bring back the 2018 compensation plan, now under review. He is obligated to hold the shares for five years, which is the same exercise price set in the 2018 contract, at a price of $23.34 per share. Tesla also intends to unveil a long-term CEO remuneration plan for a vote during its annual investor meeting set for November 6.
New stock award keeping Musk...