Tesla grants Musk massive pay deal to keep CEO on board amid legal battle

On Monday, Tesla granted CEO Elon Musk a new $29 billion pay deal aimed at keeping the billionaire entrepreneur at the helm as the company pivots from its struggling electric vehicle business to robotaxis and humanoid robots.

The company described the "interim award" of 96 million new shares as a "good faith" payment to honor the more than $50 billion pay package from 2018 that was struck down by a Delaware court last year.

Under the terms of the award, Musk can claim the shares if he remains a top executive at Tesla for another two years and a court doesn't reinstate the 2018 package that is currently under appeal.

Musk also has to hold the shares for five years and can buy them for $23.34 per share, the same as the exercise price of his 2018 award.

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