Tesla's Massive Share Grant Ensures Musk's Continued Leadership

Tesla grants Elon Musk 96 million shares worth $29 billion to retain him as CEO, following a court ruling invalidating his 2018 pay package. With a promising shift toward AI and robotics, Tesla aims to keep Musk's focus on its mission. Shares rose over 2% pre-market.

Tesla has awarded CEO Elon Musk 96 million shares, valued at about $29 billion, securing his leadership amidst legal challenges to his past compensation plan.

In 2024, a court voided Musk's 2018 pay deal, worth over $50 billion, critiquing its approval process as unfair to shareholders. Musk has appealed this decision, arguing missteps by the judge.

This move comes as Tesla pivots towards AI and robotics, marking a strategic shift from affordable EVs to futuristic technologies. This share grant aims to ensure Musk's commitment to Tesla's evolving vision.

(With inputs from agencies.)