Tesla has granted Elon Musk a $29 billion share award as part of a new compensation plan to retain him as CEO while the company shifts focus from electric cars to robotaxis and AI. The move revives elements of a controversial 2018 package previously struck down by a Delaware court.
Tesla referred to the new award as a 'good faith' gesture, with a more permanent compensation plan set for shareholder vote on 6 November.
Musk, who owns about 13% of Tesla, is expected to receive the shares only if he remains in a key executive role through 2027.
The stock has a five-year holding requirement, aside from coverage for taxes or the $23.34 per share purchase cost, the same as the 2018 award’s exercise price.
The company’s special compensation committee, made up of board chair Robyn Denholm and independent director Kathleen Wilson-Thompson, stated that while Musk has many outside ventures, this award is crucial to keeping him engaged in Tesla's long-term mission.
"We are confident this award will incentivize Elon to remain at Tesla," the committee said.
Supporters argue the move restores confidence in Musk’s continued leadership. Tesla investor Gary Black noted on X that the award aligns Musk’s incentives with shareholders and eases fears about him stepping down.
Despite a 2,000% gain in Tesla shares over the past decade, the stock has lost about 25% this year during slowing EV sales, an aging lineup, and U.S. subsidy cuts.
Analysts forecast another year of declining sales in 2025, following a slump last year.
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Iran's cabinet has endorsed a plan to slash four zeros from the national currency, pending parliamentary and Constitutional Council approval.
Thousands marched in Messina, Sicily, on August 9, 2025, protesting a government plan to build the world’s longest suspension bridge connecting the Italian mainland to Sicily.
President Donald Trump has pledged to evict homeless people from Washington, D.C., and jail offenders, with a U.S. official saying the administration is preparing to deploy National Guard troops to the capital.
Prisoners were evacuated from a Colorado prison on Saturday after the Lee Fire, one of the largest wildfires in the state’s history, continued to spread across Garfield and Rio Blanco counties. The fire has burned more than 167 square miles (about 433 square kilometres) with just 6% containment.
The world’s biggest dance music festival faces an unexpected setback as a fire destroys its main stage, prompting a last-minute response from organisers determined to keep the party alive in Boom, Belgium.
According to the German Research Centre for Geosciences (GFZ), a magnitude 5.7 earthquake struck the Oaxaca region of Mexico on Saturday.
A powerful eruption at Japan’s Shinmoedake volcano sent an ash plume more than 3,000 metres high on Sunday morning, prompting safety warnings from authorities.
China and the Association of Southeast Asian Nations will send an upgraded ‘version 3.0’ free-trade agreement to their heads of government for approval in October, Chinese Foreign Minister Wang Yi said on Saturday after regional talks in Kuala Lumpur.
A resumption of Iraq’s Kurdish oil exports is not expected in the near term, sources familiar with the matter said on Friday, despite an announcement by Iraq’s federal government a day earlier stating that shipments would resume immediately.
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Kuwait says oil prices will likely stay below $72 per barrel as OPEC monitors global supply trends and U.S. policy signals. The remarks come during market uncertainty fueled by new U.S. tariffs on India and possible sanctions on Russia.
U.S. stock markets closed higher on Wednesday, with the Nasdaq leading gains after tech giants – particularly Apple – saw strong advances.
Global financial markets are trading mixed today amid U.S. President Donald Trump’s announcement of tariffs on drug and semiconductor imports, coupled with weak service sector data impacting investor risk appetite.
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