In this articleTSLA your favorite stocksCREATE FREE ACCOUNTwatch now6:1006:10Tesla apves 96 million- award to CEO Elon MuskSquawk BoxTesla CEO Elon Musk was awarded an interim pay package of 96 million s of the company over the weekend.
The s would be worth $29 billion.Tesla stock climbed 2% Monday.The company said in a filing Sunday that the pay package would vest in two years as long as Musk continued as CEO or in another key executive position.The new award would be forfeited if the legal battle over his 2018 compensation ends with Musk being able to exercise the larger pay package, which was valued at $56 billion.In January, Chancellor Kathaleen McCormick upheld a prior ruling in the case, Tornetta v.
Musk, that the compensation plan was imperly granted.
Tesla holders apved the pay package in June 2024.The case is now before the Delaware Supreme Court.Read more CNBC newsNvidia's set to regain some China access.
But it still faces eroding AI chip market Ethereum turns 10: From scrappy experiment to Wall Street's invisible backboneGoogle has dropped more than 50 DEI-related organizations from one of its funding listsAmazon stock sinks after earnings: Here are the key takeawaysMusk's 2018 pay package included a set of performance targets for the company, which were all achieved.The judge called it "the largest potential compensation opportunity ever observed in public " in her January decision and said it was 33 times higher than the nearest comparison, which was Musk's prior compensation package.The pay announcement comes ing a weak earnings report from the EV maker in which Tesla missed on the top and bottom lines, with sales falling for a second straight quarter and automotive revenue dropping 16%.Musk acknowledged the looming loss of EV tax credits on a call with analysts ing the report."We bably could have a few rough quarters.
I am not saying that we will, but we could," Musk said.The company has another holder meeting in November.watch now3:3203:32Elon Musk: We'll have hundreds of thousands of full self-driving Teslas by the end of next yearPower LunchCNBC's Lora Kolodny contributed to this report.