Overview

• The Tesla board’s two-member special committee approved granting Musk 96 million shares at roughly $23 each, valuing the package at about $30 billion.
• Musk must vest the shares over two years by remaining CEO and refrain from selling them for five years.
• He threatened to quit the company if directors did not increase his equity stake and control.
• The award replaces Musk’s voided 2018 package, which a Delaware court struck down for being disproportionate.
• Tesla aims to anchor Musk’s leadership as it addresses stock underperformance and intensifying competition in electric vehicles.