The Tesla board will give CEO Elon Musk an interim stock award valued at about $30 billion. They say Musk is important for attracting and retaining talent.

New York

Tesla's board has approved a $30 billion stock award for CEO Elon Musk, emphasizing his importance in attracting and retaining top talent at the company. The board's letter notes that Musk's attention is vital for Tesla, especially as he is involved in other ventures.

The award consists of 96 million shares, which will only vest if Musk remains with Tesla for a full two-year term. The exercise price for the shares is set at $23.34 each, significantly below the current share price of over $300. A broader, longer-term compensation package will be voted on at Tesla's upcoming annual shareholder meeting.

Tesla gives Elon Musk $30 billion stock award

And normally I think of a company said we're going to pay our CEO 30 billion dollars. The stock might tank. But in this case shareholders really want Elon Musk's attention on this company. Yeah. And it's outlined in the letter from the board just how integral Elon Musk is particularly to retaining talent. What they say in the letter is that you know he is a magnet to attract and retain top talent while they also acknowledge in the letter that he has attentions elsewhere with his other companies and his other interests. But the board feel this package will keep him focused on Tesla. He has to serve the full two years for the for the full amount 96 million shares to vest after a full two year term. But what's really interesting about it is that the exercise price twenty three dollars thirty four cents. So for each share he would pay twenty three dollars thirty four cents for the share price is above 300 now right. Three hundred and ten dollars. You know that's where the comp is. But we have a vote in November at the annual shareholder meeting for a much fuller longer term package.

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