Elon Musk handed £22bn of Tesla shares to stop him quitting the electric car maker
The firm said its board agreed to give its billionaire head 96m shares as part of a pay deal, according to a recent filing.
Tesla's share price of $309.60 values the package at £22.3billion, but under the plan Musk must pay the company $23.34 a share – about £1.7billion.
The firm said it was 'an important first step' in compensating Musk for 'his extraordinary work', adding: 'Retaining Elon is more important than ever before', and crucial in attracting new talent as Tesla shifts its business towards AI and self-driving robo-taxis.
Daniel Ives, analyst at Wedbush Research, said the package would be enough to 'keep Musk as chief executive of Tesla at least until 2030,' and that he was the firm's 'most important asset'.
Musk, the largest shareholder with a 12.7 per cent stake, threatened to quit if he was not given more shares, saying activist shareholders could 'easily' oust him.
He and the company remain embroiled in a legal battle in Delaware over a £42billion pay award granted to Musk in 2018.
That was struck down by a judge last year, who ruled it excessive.
Tesla said that if the ruling is reversed on appeal, Musk will forgo the £22billion package. Its shares rose 2.2 per cent.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Auto Blog
7 minutes ago
- Auto Blog
Chevy Just Set An Insane EV Range Record—In A Big Truck
By signing up I agree to the Terms of Use and acknowledge that I have read the Privacy Policy . You may unsubscribe from email communication at anytime. Autoblog brings you car news; expert reviews and exciting pictures and video. Research and compare vehicles, too. View post: Official: The Cadillac XT5 Is Sticking Around With a Mild-Hybrid Update for 2027 This 1967 Jaguar XKE Series 4.2 is a stunning example of British motoring history, beautifully preserved, period-correct, and ready to be enjoyed or shown. View post: Amazon Is Selling a 'Powerful' Greenworks Chainsaw for 43% Off, and Shoppers Say It's 'Game Changer' View post: Wayfair Is Selling a 'Very Sturdy' $350 Sterilite Storage Cabinet for Only $115, and It 'Keeps Things Organized' No hardware or software changes were required to set a new record It's been a record-breaking month for Chevrolet. Already, the company set a new record for American cars at the Nürburgring with the Corvette ZR1 and ZR1X. Its latest record won't be as exciting for gearheads, as it involves the longest range on a full charge for an EV, but it's another stellar technical achievement. 300 miles is generally accepted as the psychological mark of a useful EV range, but Lucid far surpassed this by hitting 749 miles in the Air sedan last month—a record at the time. Chevy has now crushed that figure, and even more impressively, it pulled off the feat with a heavy, full-size pickup, not an aerodynamic sedan. Over 1,000 Miles On A Full Charge Source: GM The record-breaking achievement came behind the wheel of a 2026 Chevrolet Silverado EV Max Range Work Truck, which went 1,059.2 miles on a full charge, breaking Lucid's 749-mile record. This truck is rated by the EPA for a 493 mile range, so how was it able to more than double that figure? GM says the record attempt began with a casual conversation between GM engineers late last year. They started guessing what sort of range they could achieve if the pickup could be optimized for range and efficiency. Source: GM 'Getting this kind of range on a full charge doesn't happen by accident,' said Kurt Kelty, VP, battery, propulsion, and sustainability. 'It takes deep integration across battery chemistry, drive unit efficiency, software and vehicle engineering—and that's exactly what the team delivered. This achievement is a great example of how far our EV technology has come, and the kind of innovation we're building on every day at GM.' Autoblog Newsletter Autoblog brings you car news; expert reviews and exciting pictures and video. Research and compare vehicles, too. Sign up or sign in with Google Facebook Microsoft Apple By signing up I agree to the Terms of Use and acknowledge that I have read the Privacy Policy . You may unsubscribe from email communication at anytime. Real-World Test Sees Staggering Results Source: GM The GM team performed the record-breaking test on public roads in southeastern Michigan, close to GM's Milford Proving Ground. The team optimized every feasible aspect of the truck, but left the hardware and software as is. While it's technically possible for owners of the truck to put some of these optimizing measures in place, combining them all will be just about impossible in normal driving. These were the measures taken by the team: When conditions allowed, drivers averaged 20 to 25 mph, and hard braking was minimized No passengers were in the truck for most of the test Windshield wiper arms were set to the lowest possible position, reducing drag The highest acceptable tire pressure was used, resulting in lower rolling resistance The wheel alignment was optimized and the spare tire was removed The climate control wasn't used at all For smoother airflow, an accessory tonneau cover was added The test occurred in warmer summer conditions None of these measures are particularly groundbreaking, but the cumulative effect clearly made all the difference. The various engineers who drove the truck did so in one-hour shifts, allowing them to incorporate the project into their normal work schedules. Source: GM 'If we drove it downhill the whole time, sure, we'd get insane mileage,' said Jon Doremus, propulsion calibration engineering manager. 'But that's not what this was about. We wanted this to be real, on public roads.' The test suggests that by incorporating just a few of these measures, owners of this Chevy pickup should easily be able to squeeze over 500 miles of range from it, a commendable effort. The EPA rating of the Chevy is already better than all other rivals, including the Rivian R1T, Tesla Cybertruck, and Ford F-150 Lightning. About the Author Karl Furlong View Profile
Auto Blog
7 minutes ago
- Auto Blog
Would You Pay $85,500 for This 1995 Ford Bronco?
By signing up I agree to the Terms of Use and acknowledge that I have read the Privacy Policy . You may unsubscribe from email communication at anytime. The Toyota is newer, but is it better? View post: Official: The Cadillac XT5 Is Sticking Around With a Mild-Hybrid Update for 2027 This 1967 Jaguar XKE Series 4.2 is a stunning example of British motoring history, beautifully preserved, period-correct, and ready to be enjoyed or shown. View post: Amazon Is Selling a 'Powerful' Greenworks Chainsaw for 43% Off, and Shoppers Say It's 'Game Changer' Every enthusiast dreams of finding a low-mile or no-mile 'grandma' car that has been stashed away in a garage, sparingly used, but few ever get the chance. Those who do often end up selling their finds for ridiculous prices, which is exactly what happened with this 1995 Ford Bronco. Source: Bring a Trailer 0:02 / 0:09 2025 Ford Maverick: 4 reasons to love it, 2 reasons to think twice Watch More The Eddie Bauer-trimmed SUV sold for $85,500 on Bring a Trailer earlier this week, more than three times its original $27,810 MSRP. That's a wild price for a late fifth-generation Bronco, but this rig shows just 13,000 miles and looks new, inside and out. It sports a two-tone paint job and 15-inch aluminum wheels with General Grabber AP tires. Perhaps most important is the Bronco's condition underneath, where it shows zero rust and corrosion prevention treatment. By providing your email address, you agree that it may be used pursuant to Arena Group's Privacy Policy. Classic Broncos have become exceedingly popular with off-road tuners and are generally great candidates for engine swaps, but this truck has its original 5.8-liter V8 and four-speed automatic transmission. It also has four-wheel drive and a two-speed transfer case. Source: Bring a Trailer While the new Bronco comes packed with tech and has a rugged interior design, the Eddie Bauer package turned the fifth-gen Bronco into a luxury roller, with premium Mocha cloth upholstery and room to stretch out. That said, the older Broncos drive like tractors compared to the new model. Prices like these are discouraging for the everyday enthusiast looking for a fun rig to play with, but this example's condition means it will likely end up sitting as a display car in a showroom or garage, not driven. Most Broncos are overpriced due to their popularity, it's a fact, but it's more than possible to find one in great condition with reasonable miles at a fraction of this auction's hammer price. About the Author Chris Teague View Profile
Reuters
9 minutes ago
- Reuters
Wall Street ends higher with Nasdaq up more than 1%, led by Apple
NEW YORK Aug 6 (Reuters) - U.S. stocks ended higher on Wednesday, led by a more than 1% gain in the Nasdaq, as Apple shares climbed after news of its plans to announce a domestic manufacturing pledge, and as some companies delivered upbeat earnings reports. Shares of Apple (AAPL.O), opens new tab jumped 5.1% and provided the biggest boost to all three of the major indexes after a White House official said the company would announce a $100-billion domestic manufacturing pledge. In addition, shares of McDonald's (MCD.N), opens new tab rose 3% after the fast-food restaurant's affordable menu drove global sales past expectations, while Arista Networks (ANET.N), opens new tab shares jumped 17.5% after the cloud networking company projected current-quarter revenue above estimates. "Earnings continue to come in better than expected," said Sam Stovall, chief investment strategist at CFRA Research. He said while there is uncertainty surrounding tariffs, investors appear to be upbeat about the near term. Results are now in from about 400 of the S&P 500 companies for the second-quarter earnings season. About 80% of reports are beating analyst earnings expectations - above the 76% average of the last four quarters - and earnings growth for the quarter is estimated at 12.1%, up from 5.8% at the start of July, according to LSEG data. On Wednesday, U.S. President Donald Trump imposed an additional 25% tariff on Indian goods, citing New Delhi's continued imports of Russian oil. The Dow Jones Industrial Average (.DJI), opens new tab rose 81.38 points, or 0.18%, to 44,193.12, the S&P 500 (.SPX), opens new tab gained 45.87 points, or 0.73%, to 6,345.06 and the Nasdaq Composite (.IXIC), opens new tab gained 252.87 points, or 1.21%, to 21,169.42. Also positive for stocks were increasing bets for a September interest rate cut from the Federal Reserve. Last week's jobs report showed slowing employment growth and downward revisions for previous months. Minneapolis Fed President Neel Kashkari said on Wednesday the Fed may need to cut rates in the near term to account for a slowing economy. Market expectations for a September rate cut of at least 25 basis points from the Fed stood at 95.2%, up from 92.9% in the prior session and well above 46.7% from a week ago, according to CME's FedWatch Tool. Investors also awaited Trump's choice to fill a slot on the Fed's Board of Governors. Bucking the day's trend, shares of chip company Advanced Micro Devices (AMD.O), opens new tab and server maker Super Micro Computer (SMCI.O), opens new tab fell sharply after the companies posted disappointing results in their data center segments. Advanced Micro was down 6.4% and Super Micro was down 18.3%. Walt Disney (DIS.N), opens new tab delivered a strong quarter and lifted its full-year outlook, but its shares eased 2.7%. Advancing issues outnumbered decliners by a 1.12-to-1 ratio on the NYSE. There were 166 new highs and 76 new lows on the NYSE. On the Nasdaq, 2,195 stocks rose and 2,377 fell as declining issues outnumbered advancers by a 1.08-to-1 ratio. Volume on U.S. exchanges was 16.85 billion shares, compared with the 18.27-billion average for the full session over the last 20 trading days.
