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

Group 1 - Tesla has granted CEO Elon Musk a new $29 billion pay deal to retain him as the company shifts focus from electric vehicles to robotaxis and humanoid robots [1][5] - The new compensation includes an "interim award" of 96 million shares, described as a "good faith" payment following the invalidation of a previous $50 billion pay package by a Delaware court [1][11] - Musk must remain a top executive for two years and hold the shares for five years, with an exercise price of $23.34 per share [2] Group 2 - Tesla plans to propose a longer-term CEO compensation plan at its annual investor meeting on November 6, aimed at keeping Musk focused on the company amid his political activism and challenges in the electric vehicle market [5][6] - Musk's political involvement and other business interests have raised concerns about his commitment to Tesla, which remains his primary source of wealth [7] - With the new stock award, Musk's stake in Tesla is projected to increase from 12.7% to 15%, reinforcing his control over the company [10]