Tesla’s board is giving CEO Elon Musk another huge pay day.
The company’s latest CEO pay package, worth about $29 billion, comes several months after a Delaware court rejected for a second time Musk’s 2018 performance award following a shareholder lawsuit. Musk is currently appealing the order.
In an letter to shareholders Monday, Tesla said that Musk has “not received meaningful compensation for eight years” and that its “legal efforts continue” to reinstate the 2018 pay package, adding that there’s “no clear timeline for resolution.”
The package would give Musk 96 million shares of Tesla, each of which trades at just over $300. Musk would have to pay $23.34 for each of those shares, equal to the amount he was expected to pay when he was first awarded his 2018 compensation package.
“Despite these legal challenges, we can all agree that Elon has delivered the transformative and unprecedented growth that was required to earn all milestones of the 2018 CEO Performance Award,” wrote board members Robyn Denholm and Kathleen Wilson-Thompson. “This growth has translated into immense value generated for Tesla and all our shareholders.”
