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Tesla grants $30 billion in shares to Musk
Tesla awards $30bn in shares to Elon Musk after his threat to leave the company over stock concerns
Tesla awards $30bn in shares to Elon Musk after his threat to leave the company over stock concerns
– Tesla’s board approved granting 96 million shares to Elon Musk after his threat to leave.
– The decision aims to retain Musk’s leadership amid his legal issues and concerns about control within the company.
The company stated in a letter to shareholders that retaining Musk is crucial and that this award aims to incentivise his continued leadership.
Musk’s ongoing legal battle in Delaware over a previous pay package – a $56 billion deal deemed excessive by a judge – has contributed to his recent threats of leaving.
Control Issues
Musk expressed concerns about his influence within Tesla, explaining the need for a balance of control to ensure the company’s positive direction while allowing for accountability.
If his previous pay package is reinstated, his ownership in Tesla could rise from nearly 13% to over 20%. Musk would pay $23.34 per share for the restricted stock.
