Tesla awards Musk $29 billion in stocks with prior pay bundle in limbo

Tesla CEO Elon Musk used to be awarded an meantime pay bundle of 96 million stocks of the corporate over the weekend. The stocks can be usefulness about $29 billion.

Tesla keep climbed about 2% Monday.

The corporate mentioned in a filing Sunday that the pay bundle would vest in two years so long as Musk endured as CEO or in any other key government place.

The unutilized award can be forfeited if the prison fight over his 2018 reimbursement ends with Musk with the ability to workout the bigger pay bundle, which used to be valued at $56 billion.

In January, Chancellor Kathaleen McCormick preserved a previous ruling within the case, Tornetta v. Musk, that the reimbursement plan used to be improperly granted. Tesla shareholders licensed the pay bundle in June 2024.

The case is now earlier than the Delaware Excellent Court docket.