- The Tesla board on Sunday approved an “interim award” of 96 million restricted shares for CEO Elon Musk. His original 2018 moonshot mega-grant, previously valued at $56 billion, has been tied up in Delaware courts for the past seven years after a judge rescinded the pay package—twice. Since then, Tesla moved to Texas from Delaware, and the board adopted a bylaw requiring any investor who wants to challenge Musk’s pay to hold 3% of Tesla stock. The amount is equivalent to roughly $3 billion, helping inoculate Tesla against repeat challenges to Musk’s pay plan.
The Tesla board has reinstated Elon Musk as the highest-paid CEO in history with a staggering new $29 billion pay package. His new deal with the $970 billion electric-vehicle maker comes after a Delaware judge twice rescinded Musk’s previous moonshot mega-grant. Musk’s pay has been held up in litigation for the past seven years.
