Lates News

Tesla has approved granting CEO Musk stock awards worth about $300 billion, aiming to motivate the billionaire to continue focusing his attention on the company. This move highlights Musk's strong control over the company even as electric car sales and stock prices decrease. The world's richest person had previously expressed his desire to obtain a larger stake in the company as he repositions Tesla towards future directions such as artificial intelligence and autonomous vehicles. The board of directors emphasized the importance of retaining Musk in a shareholder letter released on Monday, calling this award the "first step in a goodwill payment." The letter also stated that the board is developing a longer-term CEO compensation strategy that will be presented for a vote at the annual shareholder meeting on November 6th.