&imwidth=800&imheight=600&format=webp&quality=medium "Tesla gives $30bn of shares to Elon Musk after he threatens to leave. World's wealthiest man to be even richer?")
World's richest man, Elon Musk, is going to get even richer as the Tesla board has awarded him 96mn shares worth about $30bn. This was after the chief executive of the company threatened to leave if he did not get more stock of the electric vehicle brand. Tesla said on Monday (August 4) that the decision was suggested by a special committee formed by the board comprising just the chair, Robyn Denholm, and her fellow director Kathleen Wilson-Thompson. It was then approved by the board.
“Retaining Elon is more important than ever before,” Tesla said in a letter to shareholders. “We are confident that this award will incentivise Elon to remain at Tesla," it added.
Musk and Tesla have been tangled in a legal battle for seven years now over a previous $56bn award. It was the largest in US history. Delaware judge Kathaleen McCormick struck the package in January 2024, saying it was excessive and that board members were in thrall to Musk.
Since then, Musk has threatened to leave the company if he does not get more control over the company. Last month, Musk again started his threatening and said that he could “easily be ousted by activist shareholders”.
“I think my control over Tesla should be enough to ensure that it goes in a good direction, but not so much control that I can’t be thrown out if I go crazy,” Musk told investors, Financial Times reported.
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‘Musk remains Tesla’s big asset’
After getting the awarded share, Musk's holding will rise from under 13 per cent to 16 per cent. Wedbush analyst Daniel Ives said he believed the award would keep Musk as Tesla's chief executive at least until 2030, and it removed downward pressure on the stock, Financial Times reported. “Musk remains Tesla’s big asset, and this comp issue has been a constant concern for shareholders once the Delaware soap opera began,” he added.
