Tesla's board has approved a substantial stock package for CEO Elon Musk, granting him 96 million shares valued at approximately 300 billion SEK. This decision aims to retain Musk as CEO until August 2027, despite recent controversies affecting Tesla's stock performance.
Tesla Approves Massive Stock Package for Elon Musk
Tesla Approves Massive Stock Package for Elon Musk
Electric car manufacturer Tesla's board has approved a grant of 96 million shares to CEO Elon Musk, valued at approximately 300 billion SEK.
The stock-based compensation is contingent upon Elon Musk remaining as CEO until August 3, 2027, reports Bloomberg. In a statement, Tesla's board emphasized that it is "more important than ever to retain Elon Musk."
Elon Musk had previously threatened to leave the company if he did not receive more shares.
Tesla's stock has plummeted 25 percent this year amid CEO Elon Musk's numerous political statements. However, the stock rose 2 percent in U.S. pre-market trading following the announcement of his billion-dollar compensation package.