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International Business Times

Business

Tesla Approves $29 Bn In Shares To Musk As Court Case Rumbles On

Tesla Inc. Elon Musk Robyn Denholm

Tesla announced an 'interim' pay award for CEO Elon Musk, who has warned of a few potentially 'rough' quarters before investments in robotics and artificial intelligence pay off (Credit: AFP)

Tesla announced an "interim" compensation award worth about $29 billion for Elon Musk on Monday, asserting the need to retain the controversial CEO at a moment of fierce competition for top talent.

The electric vehicle maker said in a statement it will award a distribution of 96 million Tesla shares to Musk as it "intends to compensate its CEO for his future services commensurate with his contributions to our company and shareholders."

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