Tesla awarded Musk $ 29 billion shares with a 2018 payment package in Limbo

TeslaThe Council of the Council has awarded CEO Elon Musk an intermediate package of a pay of 96 million shares according to a submission Monday, which would cost about $ 29 billion.

Said the company in in submission This Musk is the new package It will include shares that are in two years, as long as it continues as CEO or in another key executive position. The prize will be confiscated if the legitimate battle for Musk’s 2018 compensation ended with the fact that he was able to exercise shares in this package, which was valued at $ 56 billion when provided.

Tesla stock He climbed over 2% on Monday.

In January, Delaware Chancellor Catalin McCormick confirmed his decision Tornetta v. MuskWhich found that the Musk Executive Director Compensation Plan for 2018 was given incorrectly. Thehe The court found, among other things, that the Tesla board had refused key information from shareholders before asking them to approve the 2018 plan.

Following the decision, Musk began campaign to combat Delaware and moved the Texas Texas website in Texas. Tesla also appealed the decision of the Tornets, and the case is already before the Supreme Court of the State of Delaware.

Musk owns approximately 13% of Tesla’s exclusive shares, and its level of control over the electric vehicle manufacturer is a regular topic online and with shareholders.

In January 2024, Musk threatened to develop products for artificial intelligence and robotics outside Tesla, unless he received more distribution over the company. He said in a Post By the time he was “uncomfortable cultivation of Tesla to be a leader in AI & Robotics without ~ 25% voting control”.

Public records in Nevada show that Musk had already formed a business called XAI in March 2023 without Tesla revealing the company’s existence to shareholders. Starting AI, now a parent of X, develops AI products and data infrastructure and works with Tesla, integrating his Grok Chatbot into the company’s EVS.

The new plan for the payment of Musk’s Executive Director was approved by a “special committee” aboard Tesla, which includes board chairman Robin Denholm and director Kathleen Wilson-Tompson, according to Tesla’s financial disclosures. The plan does not limit Musk’s ability to start a new business or to continue with its political work.

Last year, Musk took a time from Tesla to help re -elevate President Donald TrumpAnd then he worked for the Trump administration as a special civil servant leading Dodge, an initiative to reduce federal agencies.

Musk’s work with the Trump administration contributed to the reverse response of consumers against Tesla and negatively weighed their sales and reputation of the brand in the US and Europe. After public spitting with Trump, Musk said last month that he formed a new political party.

In July, Tesla issued a A report on weak profitsWith the fall of sales for the second consecutive quarter and the car revenue dropped by 16%. When calling with analysts, Musk admitted that the oncoming loss of EV tax loans as a challenge for the company.

“We could probably have a few rude neighborhoods. I’m not saying we’ll do it, but we could,” Musk said.

Tesla plans to hold its next annual shareholder meeting in November.

Watch: Musk is proud of Tesla Robotaxi’s plans