WASHINGTON (dpa-AFX) - Tesla, Inc. (TSLA) announced that CEO Elon Musk has been granted an interim pay package of 96 million shares, valued at around $29 billion.
The company disclosed in a Sunday filing that the award will vest over two years, provided Musk remains CEO or holds another key leadership role.
The new compensation package will be forfeited if Musk ultimately wins the ongoing legal battle over his original 2018 pay plan, which was worth $56 billion. That package was previously ruled as improperly approved by a Delaware court, with the decision upheld in January by Chancellor Kathaleen McCormick in the Tornetta v. Musk case.
Despite shareholder approval of the 2018 plan in June 2024, the matter remains under review by the Delaware Supreme Court.
TSLA is currently trading at $307.02 up $4.39 or 1.45 percent on the Nasdaq.
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