The company said the move was designed to keep the entrepreneur at the electric car maker as he fights a court ruling that twice dismissed his original pay deal for being unfair to shareholders.
Musk began an appeal back in March of this year against the judge’s order, claiming she made multiple legal errors in rejecting the record compensation deal. If Musk succeeds in this and the pay and rewards package is reinstated, the total package would increase Musk’s ownership of Tesla from just under 13 per cent to more than 20 per cent.
“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 that this award will incentivize Elon to remain at Tesla,” the company said.
“Elon has demonstrated these unmatched leadership abilities time and time again with his unparalleled track record of delivering shareholder value since he joined as a founding figure and spearheaded the transformation of our extraordinary company in the filing.”
The award is designed to boost Musk’s voting power, something he and shareholders have consistently said was key to keeping him focused on Tesla’s mission, it added.
Musk becomes entitled to the shares if he remains with Tesla for two years after the deal is approved by shareholders. He must pay the company $23.34 a share which Tesla said was equal to the exercise price per share in its 2018 pay package.
The data shows that, in the US, Tesla had more repeat customers than any other rival major car maker – loyalty that peaked in June 2024, when 73 per cent of Tesla-owning households in the market for a new car bought another Tesla, according to an S&P analysis of vehicle-registration data in all 50 states.
The rate bottomed out at 49.9 per cent last March, just below the industry average, after Musk launched Trump’s budget-slashing Department of Government Efficiency in January and started firing thousands of government workers.
Tesla’s US loyalty rate has since gone back up to 57.4 per cent in May, the most recent month the S&P data is available, putting it back above the industry average and about the same as Toyota but behind Chevrolet and Ford.
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