Key Points in This Article: Tesla's (TSLA) efforts to compensate Elon Musk have been repeatedly blocked by Delaware courts, prompting a reincorporation in Texas.
Elon Musk was awarded a new $29 billion pay package by Tesla's board on Monday as his original deal remains tied up in Delaware court.
The EV maker's board granted 96 million shares of restricted stock to its CEO after a judge struck down earlier pay packages.
This is a developing story.
Tesla Inc (NASDAQ:TSLA) has granted chief executive Elon Musk a new pay package of 96 million shares, worth about $29 billion, as it seeks to secure his leadership after a court overturned his original record-setting deal. The award is structured to gradually increase Musk's voting power and keep him focused on Tesla's long-term strategy, Reuters reported.
Banking giant Morgan Stanley has reiterated its bullish outlook on Tesla (NASDAQ: TSLA), naming it the firm's top pick in the U.S. auto sector.
Tesla has announced a proposed compensation package for CEO Elon Musk that would be worth around $29 billion in shares, with the company citing the “ever-intensifying AI talent war and Tesla's position at a critical inflection point” as reasons for the payout.
Tesla has just unveiled a new $29 billion pay package for Elon Musk. The EV giant's board said that the new "good faith" award was necessary to "incentivize and retain" Musk as Tesla's CEO.
Tesla has granted CEO Elon Musk 96 million shares worth about $29 billion, a move aimed at keeping the billionaire entrepreneur at the helm as he fights a court ruling that voided his original pay deal for being unfair to shareholders.
Investors appeared to shrug off more controversy about the EV maker's self-driving technology over the weekend.
The share price of Tesla (NASDAQ: TSLA) is entering what has historically been its most challenging period of the year.
Tesla (TSLA -1.69%) shares have declined 25% year to date as the electric carmaker has struggled with weak demand amid growing competition and consumer backlash against CEO Elon Musk's politics. The company is currently worth $976 billion, but several Wall Street experts anticipate substantial upside in the years ahead.