5 days ago
Elon Musk Receives $29 Billion Stock Award from Tesla
Tesla has offered the chief executive Elon Musk $29bn (PS21.7bn) worth of Tesla stock award Elon Musk, to try to retain the billionaire in the company.
The decision comes after an US judge rejected Tesla CEO bonus plan that was worth over $50 billion, and ruled that the pay is "unfair to shareholders".
Elon Musk has been fighting a Delaware court ruling made earlier in 2024. On Monday, Tesla informed shareholders they expect Musk's $29 billion Elon Musk $29bn shares package will keep him 'focused and incentivized' as competition for top AI talent heats up.
Tesla's board on Monday detailed in a post on X, Musk's social platform, the importance of retaining the company's world-class team and keeping them motivated and aligned — starting with Musk. The board said his unique combination of technical skills, leadership, and visionary drive is 'unparalleled.'
Tesla announced that it would take place if they were to see the Delware tribunal reinstated Elon Musk Tesla bonus from 2018 the company would either forfeit or exchange the most recent share aware in order to keep from an "double dip".
The board of the carmaker said it was hopeful that its chief executive will get the contract Elon Musk net worth 2025 $56 billion that would make it the largest Tesla leadership payout for a CEO in American history.
The contract was structured to ensure that the event that Mr. Musk didn't meet certain milestones, such as Tesla's sales, market value and the underlying profit - he could not be paid in any way.
'Musk is Tesla's biggest asset, and I view the board's action as a very positive development.'
He said that during"the "AI arms race", the firm was unable to keep Musk just "semi-committed".
News outlets reported that Meta (Facebook) founder Mark Zuckerberg had recently offered top developers at OpenAI, the maker of ChatGPT, salaries Tesla executive compensation, worth tens of millions of dollars.
In addition, Microsoft's AI division, led by the former Google DeepMind Co-founder Mustafa Suleyman, recently gained numerous new hires in Google's top ranks.
