Tesla’s CEO Elon Musk Gets A 29 billion Dollars Incentive

The new mega-compensation is intended to prevent the world’s richest man from leaving the company. It concerns a 2019 compensation package, which gave Musk 96 million shares. Last year, a Delaware court declared Musk’s 2018 compensation package, valued at over $50 billion, null and void. The court found that Tesla’s approval process was flawed and unfair to shareholders.

The lawsuit attracted widespread global attention. Thousands of Tesla shareholders sent letters to the judge to voice their opinions. Musk was so angry about the judge’s decision that he initiated a formal relocation of Tesla from Delaware to Texas. The businessman also appealed the ruling, which is still pending.

Musk was able to devote less time to Tesla last year due to other responsibilities. As a White House advisor, he made significant cuts to US government spending. He also meddled in German politics. This led to boycotts from angry consumers who were no longer willing to buy Teslas because of Musk’s side activities.

Tesla defended Musk’s new compensation on Monday. “While we recognise that Elon’s business ventures, interests, and other potential uses of his time and attention are extensive and varied … we are confident that this compensation will incentivise Elon to remain with Tesla,” a special committee at the company said.

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