THE NEW YORK TIMES: The “interim” package announced on Monday was intended to help retain Elon Musk, whose previous pay plan was invalidated by a judge.
Tesla granted shares to Elon Musk worth nearly $30 billion, the company said on Monday, describing it as a “good faith” award to help retain the car maker’s chief executive after his previous multibillion-dollar pay package was struck down by a judge.
The company approved a grant of 96 million shares for Mr. Musk, which he could tap after two years of service in a “senior leadership role” at Tesla. The mercurial billionaire, whose business empire includes rockets, artificial intelligence, brain implants and more, hinted last month that he wanted more shares in Tesla, on top of his 13 percent stake, to prevent his ouster by “activist” shareholders. It was a “major concern,” he said on an earnings call with analysts.
With the new shares, Mr. Musk would own nearly 16 percent of Tesla, a stake that would be worth over $150 billion at the company’s stock price on Monday.
The package amounts to an extraordinary pay raise for Mr. Musk as Tesla sales and profit are falling, and the company is losing market share, in part because of his behavior. His involvement in right-wing politics has alienated many liberal car buyers who are more likely than conservatives to buy electric vehicles. Mr. Musk is already the world’s richest person, worth about $350 billion, according to Bloomberg. » | Jack Ewing | Monday, August 4, 2025
