Tesla just announced a new $29 billion pay package for Elon Musk

Elon Musk said the time he spent on politics is "less than people would think."Chip Somodevilla via Getty ImagesTesla has just unveiled a new $29 billion pay package for Elon Musk.The EV giant's board said the new "good faith" award was necessary to "incentivize and retain" Musk as CEO.It comes after Musk's massive 2018 pay package was struck down by a Delaware judge in late 2024.Tesla has unveiled a new $29 billion pay package for Elon Musk.The EV giant's board announced on Monday that it had granted Musk a "good faith" CEO performance award of 96 million restricted shares of Tesla stock, worth just over $29 billion based on the stock's current value.It comes as Musk's 2018 pay package, which was worth around $46.8 billion in June, remains in limbo after being struck down by a Delaware judge last December.In a letter to shareholders, Tesla board members Robyn Denholm and Kathleen Wilson-Thompson said the new package was necessary to "retain and incentivize" Musk amid an "ever-intensifying AI talent war."Both Musk and Tesla have fiercely criticized the decision to strike down the 2018 pay package after a shareholder lawsuit, with the billionaire launching an appeal in March.In an SEC filing also posted on X, the Tesla board members said that the new $29 billion "CEO Interim Award" will include a requirement that Musk serve continuously in a senior leadership role at Tesla during the two-year vesting term.The award is also structured to "incrementally increase" Musk's voting rights upon grant. Musk has repeatedly expressed concern about his level of control over Tesla. In January, he said on X that he felt "uncomfortable" expanding the EV company's AI and robotics capabilities without having around 25% voting control.Denholm and Wilson-Thompson wrote that Tesla's board had voted unanimously to award Musk the interim award. Tesla shareholders would have a chance to vote on a longer-term CEO compensation strategy at the company's annual shareholder meeting in November, the letter added.Investors have expressed concern over Musk's commitment to Tesla in recent months amid Tesla's poor performance and the billionaire's high-profile involvement in US politics. Tesla's share price is down around 25% this year. The stock is around 3% higher in premarket trading following the board's announcement.Read the original article on Business Insider

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