Tesla approves 96 million share award to CEO Elon Musk

[AUSTIN] Tesla disclosed in a filing on Monday (Aug 4) it has awarded CEO Elon Musk 96 million shares of the company, worth about US$29 billion.

Musk must pay Tesla US$23.34 per share of restricted stock that vests, which is equal to the exercise price per share of the 2018 CEO Award, it said in the filing.

In 2024, a Delaware court voided Musk’s 2018 compensation package, valued at over US$50 billion, citing that the Tesla board’s approval process was flawed and unfair to shareholders.

Musk kicked off an appeal in March against the order, claiming a lower court judge made multiple legal errors in rescinding the record compensation. Earlier this year, the EV maker said the board had formed a special committee to consider some compensation matters involving Musk, without disclosing any details.

Tesla is at a turning point as Musk, its largest shareholder with a 13 per cent stake, shifts focus from a promised affordable EV platform to robotaxis and humanoid robots, positioning the company more as an AI and robotics firm than an automaker. REUTERS