Tesla gives Elon Musk $29 billion in stock options
Tesla's board just approved a $29 billion stock deal for Elon Musk, aiming to make sure he sticks around as CEO for at least two more years.
This new package—96 million shares with an exercise price of $23.34 each—comes after a court blocked his earlier, much bigger pay deal from 2018.
Musk's stakes and Tesla's growth
Tesla is worth over $969 billion and leads the EV and clean energy game.
With Musk owning about 13% of the company, he's driving big bets on self-driving tech, robotics, and AI.
The board hopes this massive stock offer will keep his focus on Tesla, especially since he's also busy running SpaceX and xAI.
Stock vests over 2 years
The stock vests over two years, so Musk has to stick around to get it all.
After the announcement, Tesla shares went up 2%, closing at $309.26 on August 4.
Investors see Musk's leadership as key for keeping Tesla innovative while he juggles multiple companies.