Elon Musk, CEO of Tesla

Tesla approved an exceptional incentive package for CEO Elon Musk, including around 96 million shares worth $29 billion.

 

In a filing to the US Securities and Exchange Commission (SEC) today, Aug. 4, Tesla said Musk has to pay $23.34 per share for the stock granted under the plan.

 

"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 committee said in the filing.

 

The new award is designed to gradually boost Musk's voting power, something he and shareholders have consistently said was key to keeping him focused on Tesla's mission.

 

Following the news, Tesla shares rose 2.35% in US premarket trading to $309.73 as of 1:47 p.m. Makkah time, after falling 1.85% on Aug. 1.

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