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Tesla’s board has signed off a $29bn (£21.8bn) share award to Elon Musk after a court blocked an earlier package worth almost double that sum.
The new award, which amounts to 96 million new shares, is not just about keeping the electric vehicle (EV) firm’s founder in the driving seat as chief executive.
The new stock will also bolster his voting power from a current level of 13%.
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He and other shareholders have long argued that boosting his interest in the company is key to maintaining his focus after a foray into the trappings of political power at Donald Trump‘s side – a relationship that has now turned sour.
Musk is angry at the president’s tax cut and spending plans, known as the big beautiful bill. Tesla has also suffered a sales backlash as a result of Musk’s past association with Mr Trump and role in cutting federal government spending.
The company is currently focused on the roll out of a new cheaper model in a bid to boost flagging sales and challenge steep competition, particularly from China.
The headwinds have been made stronger as the Trump administration has cut support for EVs, with Musk admitting last month that it could lead to a “few rough quarters” for the company.
Read more:
Tesla faces losing billions after Musk-Trump fallout
Tesla is currently running trials of its self-driving software and revenues are not set to reflect the anticipated rollout until late next year.
Musk had been in line for a share award worth over $50bn back in 2018 – the biggest compensation package ever seen globally.
But the board’s decision was voided…
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