Tesla board approves 96 mn shares interim stock award for Elon Musk ahead of pay vote, stock jumps 2.6%

Tesla Inc. board has approved an interim stock award of 96 million shares for Chief Executive Officer Elon Musk.

The electric vehicle maker said it would also put a longer-term CEO compensation strategy ahead of a vote at its November 6 annual meeting.

Following this, Tesla stock jumped 2.6%.

The board said the reward was a first step “good faith” payment to Musk, a statement said on Monday.

“After all, a ‘deal is a deal.’”

The development underscores Musk’s grip on the company and could ensure that he won’t relinquish the CEO post in the near term. He is holding the post since 2008.

In May, Musk had said in an interview that he’s committed to still being at the helm in five years.

The move comes after a prior compensation package valued in excess of $50 billion was struck down by a judge.