If Tesla is sure this mere $29ish billion plan will incentivize Musk into staying, what was the other $20 billion for?
After being told his $50 billion-plus pay package was "unfair to shareholders," Elon is back at it with a $29 billion-plus plan sure to incentivize unpopular CEO Elon "Pedo Guy" Musk to remain at Tesla, where his wealth is concentrated. Still hoping the courts will let him have the original scheme, this is still ridiculous.
Musk has been appealing against the decision made by the Delaware court in 2024 and on Monday Tesla told shareholders it was "confident" that the $29bn of shares "will incentivize Elon to remain at Tesla" especially as "the war for AI talent is intensifying".
The award should boost Musk's voting power on the electric car company's board.
"It is imperative to retain and motivate our extraordinary talent, beginning with Elon", Tesla's board wrote on X, a platform owned by Musk, adding that "no one matches Elon's remarkable combination of leadership experience, technical expertise".
The company said the billionaire had a "proven track record" in building "revolutionary and profitable businesses".
Tesla said if the Delware court reinstated Musk's 2018 pay deal, he would forfeit or return the latest share award to avoid a "double dip".
BBC
Musk has been whinging about losing control of Tesla, so this move is no surprise. Tesla's numbers certainly do not represent its current market cap, and Elon is responsible for all the brand damage. I guess that's only worth $29 billion.
Previously:
• Elon Musk loses bid to award self $56bn pay package from Tesla
• Judge to hear $7.2B plaintiff's lawyers fee request in Elon's Tesla pay package fiasco
• Judge rejects Elon Musk's full self-dealing pay package
