Elon Musk to receive $29 billion stock award from Tesla

Tesla's board of directors has granted a pay check to the company Chief Executive Officer, Elon Musk with $29 billion worth of shares.

American automakerma nufacturer announced in June 2024 that the company got 1.8 billion 'yes' votes on a massive pay package for Elon but a legal battle turned the things in a different direction.

“While we recognize Elon's business ventures, interests and other potential demands on his time and attention are extensive and wide-ranging, we are confident this award will incentivize the CEO to remain at Tesla," the committee's official statement reads.

In addition to that, Tesla approved $50 billion in compensation to Elon for leading the organization in 2018 but a Delaware court revoked the committee's decision and asked the company to reconsider it.

Delaware court ruled that the company board approval process has flaws which are unfair for other investors. Elon filed a petition against the order in March 2024 and won the case.

Elon is now the world richest man with a net worth of $398 billion ahead of Oracle founder Larry Ellison, Meta founder Mark Zuckerberg and Amazon’s Jeff Bezos.