Tesla Awards ‘Good Faith' Shares to Musk Worth $29 Billion
The company approved a package of 96 million shares for Mr. Musk, which he could tap after two years of service in a 'senior leadership role' at Tesla. The mercurial billionaire, whose business empire includes rockets, artificial intelligence, brain implants and more, hinted last month that he wanted more shares in Tesla, on top of his 13 percent stake. It was a 'major concern,' he said on an earnings call with analysts.
Tesla said in a letter to investors that 'we know that one of your top concerns is keeping Elon's energies focused on Tesla.' It said the stock award was 'a critical first step toward achieving that goal.' In addition to his businesses, Mr. Musk has dove into politics, steering President Trump's cost-cutting initiative before they had a falling out, after which the tech billionaire pledged to start a new political party.
Mr. Musk's previous pay package, awarded in 2018, was struck down last year by Chancellor Kathaleen St. J. McCormick of the Delaware Court of Chancery, ruling that shareholders had not been properly informed of its details and that members of Tesla's board were not sufficiently independent. Tesla has appealed the decision, with its lawyers arguing that two shareholder votes in favor of the package should have cleared the way for reinstating it.
Tesla is in a profit slump, and the company has not reported an increase in quarterly earnings since the third quarter of 2024. Sales also declined this spring.
The company's stock has fallen nearly 20 percent this year.
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