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filing, gives Musk 96 million restricted shares at a purchase price of $23.34 each—the same strike price as his rescinded 2018 award.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.
