Tesla has awarded CEO Elon Musk 96 million shares with a total value of $29 billion (€25.1 billion). According to a publication with stock market watchdog SEC in which the car manufacturer announces the reward, the stock package is intended to keep Musk on board.
The shares may only be converted into money in two years’ time. But then Musk must still be CEO of the company.
Previously, Tesla came under fire for the rewards for the top executive, who challenged a court ruling on the matter. In 2024, a judge ruled that Musk’s 2018 compensation package, worth $50 billion, was unlawful.
The approval process of the car manufacturer’s board of directors would not be sound. Should Tesla ultimately be proven wrong, this now awarded reward may be cancelled.
According to Forbes Magazine, Musk is worth about $400 billion.