Tesla Gives CEO Musk $30 Billion Stock Award
Talk us through the purpose of this pay package, apart from keeping Elon Musk's eyes on the wheel. Hey, good morning, Lizzy. So this package or this interim award worth $30 billion is designed to make Elon Musk stay at Tesla. So this is very important to the board, to investors now, at a time when they've been seeing a fall in sales, a falling share price. And Elon Musk has had his attention in all many directions. So this is this also partly stems back to that 2018 pay package which was shot down by the courts. So this is something that will make Elon Musk a little bit more whole. According to the board, a deal is a deal is what they said in giving this interim pay package. And if the world's richest person already worth $350 billion, this is a nice top up to already what he is worth. Nothing like $30 billion to focus the mind, is there Danny? This is a time when Tesla's China shipments are falling. Yeah, the Tesla China shipments on Monday came in lighter and it is a kind of a proxy for overall performance at Tesla because the Shanghai factory churns out more cars and more EVs for Tesla than any other around the world. And now we continue to see a slippage. The sixth in seven month we've seen a decline. So this does just reflect not just Tesla's own performance, but the especially in China, the world's biggest EV market. There is a competitive struggle underway and the likes of the bigger players like Tesla and BYD have been struggling. But Elon Musk, who's decided to take great control of of sales to try and revive and turn around Tesla that pay package will come into a broader focus and for him maybe focus the mind as he really extends that turnaround in the years to come.
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