Elon Musk’s “interim” salary award of almost $29 billion was revealed by Tesla on Monday, citing the necessity of keeping the controversial CEO on board during a period of intense competition for top personnel.
Musk will receive 96 million Tesla shares, according to a statement from the electric vehicle manufacturer, which “intends to compensate its CEO for his future services commensurate with his contributions to our company and shareholders.”
The award comes as Tesla challenges a Delaware court ruling that struck down a 2018 package of about $55.8 billion. With that appeal dragging out, Monday’s announcement marks an interim step while the company develops a “longer-term CEO compensation strategy,” Tesla said in a letter to shareholders.
“We have recommended this award as a first step, ‘good faith’ payment,” said the letter. “Retaining Elon is more important than ever before.”
