Tesla has awarded CEO Elon Musk a new $29 billion pay package consisting of 96 million restricted shares, matching the value of his previously revoked $56 billion 2018 package. The board approved the grant to retain Musk as CEO through at least 2030, especially as Tesla shifts toward becoming an AI-first company.

Axar.az, citing CBS News, reports that this new package comes just months after a Delaware judge voided the 2018 pay deal, citing sham negotiations with non-independent board members. Musk has appealed that decision.

If the courts reinstate the old package, the new award will be forfeited.

Tesla stock has dropped 25% in 2025, due to increasing competition and backlash over Musk's role in the Trump administration, where he leads the Department of Government Efficiency (DOGE). Tesla’s profits and revenue have also sharply declined, raising investor concerns about the company's direction.

A shareholder meeting is scheduled for November, as pressure mounts for more transparency and stability at the company.