Tesla offers Musk $29 billion in shares (at 2018 price)

Elon Musk will soon receive $29 billion in Tesla shares, a payment expected since 2018, after a Delaware judge blocked it ruling that the board of directors was not impartial, that shareholders were misinformed and that the reward was excessive.

The board of directors formally approved a new plan, similar to the 2018 plan, presented as a symbolic reward for Elon Musk, “to recognize what Elon has accomplished.”

In exchange, Tesla has ensured that Elon Musk will remain at the head of the company until 2027.

The Board is relying on a valid and more transparent shareholder vote to avoid a judge blocking Musk’s remuneration again.

Tesla’s plan calls for 96 million shares for Elon Musk to buy at a fixed price of $23.34, as in Tesla’s original plan proposed in 2018.