Now, the company's board members are hoping that the new package of 29 billion dollars will encourage Musk to stay in the company.
What you should know
Tesla has given shares worth 29 billion dollars to its chief executive officer (CEO) Elon Musk. The company has taken this step to keep Musk in Tesla.
Previously, in 2018, the salary package of more than 50 billion dollars given to Musk was canceled by the US court. The Delaware court dismissed the package as "unfair" to the shareholders. Musk has filed an appeal against the court's decision.
Now the company's board members are expecting a new package of 29 billion dollars to encourage Musk to stay in the company . "There's a shortage of AI-skilled talent right now," the company responded, "and it's essential to keep Elon at Tesla." His leadership skills and technical skills are unparalleled .'
If the court decides in favor of Elon and restores the 2018 salary package, Tesla has made it clear that Musk will return the new share package. This situation has been done to prevent 'double dip' i.e. two facilities.
The board hopes to provide Musk with a salary package worth $56 billion. This will be the largest salary package in American corporate history, according to the BBC. Moscow claims that the court made a policy error by canceling its salary package. According to him, the shareholders of the company should decide about the salary, not the court.
Now the competition in the AI field is intense . Companies are trying to bring each other's employees to their company by giving attractive salaries. It was reported that Mark Zuckerberg, the founder of Facebook, offered millions of dollars in salary to the top developers of OpenAI. Microsoft's AI department has also recently received many employees from Google.
Tesla has now gone in the direction of becoming a company focused on AI and robotics rather than electric vehicles. A Tesla board member is of the opinion that Musk's ability is indispensable in such a mode . In addition to Tesla, Musk also leads XAI, Neuralink and Boring Company. Musk, who worked as an adviser to President Donald Trump, has now announced that he will stay away from politics.
