3 weeks ago
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Tesla has granted 96 million new shares worth about US$29 billion to chief executive officer, CEO, Elon Musk.
The company 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.
The move is 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.
The new award is designed to gradually boost Musk’s voting power, something he and shareholders have consistently said was key to keeping him focused on Tesla’s mission.
The interim award shares vest only if Musk remains in a key executive role through 2027.
They also come with a five-year holding period except to cover tax payments or the purchase price.
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.
English (US) ·