Tesla has awarded its chief executive a “first step payment worth roughly $29 billion to replace a plan blocked by a Delaware judge..
The “interim” package announced on Monday was intended to help retain Elon Musk, whose previous pay plan was invalidated by a judge. The car maker’s chief has hinted that he needed a larger stake in the company.
Robyn Denholm sold Tesla stock in recent months while Elon Musk, the chief executive she oversees, worked for President Trump and alienated many car buyers.
Robyn Denholm sold Tesla stock in recent months while Elon Musk, the chief executive she oversees, worked for President Trump and alienated many car buyers.
The Japanese automaker is carving deep cuts in its global operations as it struggles with a steep drop in sales.
Lawyers for Tesla have asked a Delaware judge to reverse her decision to void a multibillion-dollar pay package for Mr. Musk after shareholders approved it a second time in June.
Investors voted overwhelmingly to reinstate the C.E.O.’s multibillion-dollar compensation package, inextricably tying the car maker’s future to the tech billionaire.
About 72 percent of the shares in the balloting affirmed the lucrative stock award to the chief executive in a bid to get a court to reinstate it.
The vote was seen as a referendum on his management of the electric car maker and on the limits of executive pay.
A huge run-up in the stock’s value followed a 2018 vote on Elon Musk’s compensation package. But investors have recently become less enamored.