Tesla awards boss Elon Musk $29bn in shares

[Mr. Sparkle]

Source: BBC

Tesla has granted its chief executive Elon Musk $29bn (£21.7bn) worth of its shares, in an attempt to keep the billionaire at the firm. The move comes after a US court struck down his 2018 pay package, worth more than $50bn, ruling that it was "unfair to shareholders". Musk has been appealing against the decision made by the Delaware court in 2024 and on Monday Tesla told shareholders it was "confident" that the $29bn of shares "will incentivize Elon to remain at Tesla" especially as "the war for AI talent is intensifying".

The award should boost Musk's voting power on the electric car company's board. "It is imperative to retain and motivate our extraordinary talent, beginning with Elon", Tesla's board wrote on X, a platform owned by Musk, adding that "no one matches Elon's remarkable combination of leadership experience, technical expertise". The company said the billionaire had a "proven track record" in building "revolutionary and profitable businesses".

Tesla said if the Delware court reinstated Musk's 2018 pay deal, he would forfeit or return the latest share aware to avoid a "double dip". The carmaker's board said it hoped its chief executive could be awarded the deal worth $56bn, which would be the biggest pay deal in corporate American history.

Read more: https://www.bbc.com/news/articles/cz71vn1v3n4o

[niyad]

1. Idiots.

[Nigrum Cattus]

12. There needs to be a cap on bonuses like this

No one is worth even 100 million, let alone almost $30,000,000,000

[William Seger]

2. That "AI talent" had Tesla's self-driving technology based on optical recognition

... apparently oblivious or unconcerned how dangerous that was in low visibility. It's already caused deaths, and it will continue to do so while muskrat counts and recounts his billions.

[Bengus81]

3. They should have given him $29B if he would LEAVE. His name is SHIT in the consumer buying world

but his cult lemmings ignore that fact. Maybe they can get Trumps new BLS commissioner to write their quarterly financials.

[sdfernando]

4. The board is filled with muskrat toadies

no other business in the world would give the person that single-handedly trashed and lost huge market share for their company a "reward" of 29bln. Its insane!

[Blues Heron]

5. lets make that stock price worthless! Keep up the presure, find a tesla takedown every Saturday at a showroom near you!

Dont let this rat bastard off the hook just because he slithered out of DOGE. Keep the pressure on the nasty nazi boy!

[littlemissmartypants]

6. Tesla kool-aid must be laced with Special K.

[Jilly_in_VA]

7. Despite the fact

that Tesla stock is plummeting worldwide?

[Midnight Writer]

8. When Musk is the problem, more Musk is not the solution.

[Quanto Magnus]

9. Greedy AF

that's such a ridiculous offer... He's tanking the stock as we speak due to his fascism. Why would they want to pay him so much?

[twodogsbarking]

10. There are Teslas around but I saw the electric dumpster today. Don't see many.

Do humans drive those or some other species.

[rickford66]

13. I've only seen two, but both might have been the same one.

Who in Binghamton has $80K to waste ?

[Miguelito Loveless]

11. I wonder how much he would have gotten

if he had literally set the buildings on fire? $60 billion?

[BootinUp]

14. Makes me ill. We are such a dysfunctional society. Nt

[iemanja]

15. What?

He's driven the stock price down. Rich people simply can't fail in life.