Tesla Grants Elon Musk Nearly $30 Billion in Stock Compensation

Tesla has granted CEO Elon Musk approximately 96 million new shares worth around $29 billion, according to a report by Reuters.

The publication noted that Tesla is in a pivotal phase and retaining Musk in the leadership role is crucial due to the intensifying competition among experts and managers amid significant advancements in artificial intelligence.

Musk currently manages 13% of Tesla's shares, making him the largest shareholder in the company. The new shares aim to increase Musk's voting power, which, according to shareholders, is essential for him to focus on Tesla's mission.

Musk will receive the new shares on the condition that he remains in the executive position until at least 2027.