Kathmandu. Us electric car maker Tesla has given 96 million shares of the company to its CEO and Chairman Elon Musk. It is valued at $29 billion.
The company has called it a prize given in ‘Good Faith’. The move comes six months after a Delaware court scrapped Musk’s $2018 multibillion-dollar compensation package. Tesla has appealed against this.
Tesla has told its investors that this share has been given to Grant Musk to keep the company. Because apart from Tesla, his focus is also on his other companies such as SpaceX, XAI and Neuralink. He is also focused on politics. ’
Musk won’t get these shares right away. For this, he will have to work in a high position in Tesla until 2027. Each share will also have to pay $23.34.
This is equivalent to the value of the compensation package of 2018. Also, these shares will not be sold for five years except to pay taxes or purchase price.
Musk owns a 13 percent stake in Tesla. He indicated last month in a call related to the company’s earnings that he wanted more shares in Tesla. – Agency
