Tesla has approved a massive stock award for Elon Musk, granting him shares valued at nearly $30 billion to secure his continued leadership within the company. The company’s board approved the move to make sure Musk stays in a top role at Tesla. This means he will continue to lead the company or be in charge of important areas like product development or operations.
In total, Musk will get 96 million shares which will be fully his after two years but only if he is still working at Tesla in an executive position. Once the shares are his he cannot sell them until August 2030.
This new stock package will increase Musk’s total Tesla shares by about 25 percent. At current market prices the award is worth around $29.6 billion. After the news came out Tesla’s stock price went up by about 2 percent before markets opened.
Even though Tesla’s stock has fallen 25 percent so far this year due to slow sales the company clearly wants to keep Musk leading the way. This latest move shows Tesla is standing firmly behind him despite recent criticism over his political actions.
