Tesla’s board has approved a stock award valued at about $29 billion for CEO Elon Musk, a move aimed at retaining the billionaire entrepreneur as the company pivots toward artificial intelligence and fights a court ruling that voided his previous pay package.
The grant, disclosed in an Aug. 3 Securities and Exchange Commission filing, gives Musk 96 million restricted shares at a purchase price of $23.34 each—the same strike price as his rescinded 2018 award. At current market prices, the stock is worth roughly $29 billion.
The new award follows a 2024 ruling by the Delaware Court of Chancery that voided Musk’s record‑setting 2018 compensation plan, valued at more than $50 billion, after finding Tesla’s board process flawed and unfair to shareholders. That decision, later known as the Tornetta ruling, ordered the plan rescinded and sparked a high‑profile appeal by Musk, who claims the judge made multiple legal errors in striking down the package….