Aug 4, 01:53 PM

Tesla Grants Musk 96 Million Shares in $29 Billion Interim Award

Tesla Inc. disclosed in a regulatory filing that its board has granted Chief Executive Officer Elon Musk an interim award of 96 million restricted shares. Based on Monday’s pre-market price of about $303, the package is valued at roughly $29 billion and represents around one-third of the compensation Musk might have received under his canceled 2018 plan. The grant, dubbed the “2025 CEO Interim Award,” carries a purchase price of $23.34 a share—the same strike price as the 2018 award. The shares will vest on Aug. 3, 2027 if Musk remains in an eligible leadership role, and he must hold them for five years after the grant date. The award would increase his stake in the electric-vehicle maker to approximately 16%. Tesla’s board described the award as a “good-faith” step to keep Musk at the helm while the company appeals a Delaware judge’s 2024 decision that voided his earlier $56 billion compensation package. If that original plan is reinstated, the new grant will be canceled, according to the filing. Directors said retaining Musk is critical as Tesla pivots from its slowing core auto business toward robotaxis, humanoid robots and other artificial-intelligence projects. Tesla shares rose about 2% in pre-market trading following the announcement, and the board said it will seek shareholder approval for a longer-term compensation framework at the company’s Nov. 6 annual meeting.

#Elon Musk #Musk #2025 CEO Interim Award #Tesla #Delaware

Written with ChatGPT .