Tesla’s board has approved the award of $29bn (£22bn) worth of shares to its chief executive, Elon Musk, after a US court ruled against a previous pay deal for the world’s richest person.
Musk will pay $2bn to buy 96m shares in the electric carmaker at the same price per share as a 10-year pay package agreed in 2018, which is stuck in legal limbo awaiting a court date for an appeal. The award was based on a recommendation from a “special committee” of the board.
