Ticker: Tesla awards CEO Musk $29B stock grant; Boeing workers who build fighter jets and weapons go on strike

Tesla gave Elon Musk a stock grant of $29 billion on Monday as a reward for years of “transformative and unprecedented” growth despite a recent foray into right-wing politics that has hurt its sales, profits and its stock price.

In giving its billionaire CEO 96 million in restricted shares, the electric car company noted that Musk hasn’t been paid in years because his 2018 compensation package has been rejected by a Delaware court. The award comes eight months after a judge revoked the 2018 pay package a second time. Tesla has appealed the ruling.

Tesla on Monday called the grant a “first step, good faith” way of retaining Musk and keeping him focused, citing his leadership of SpaceX, xAI and other companies. Musk said recently that he needed more shares and control so he couldn’t be ousted by shareholder activists.

Boeing workers who build fighter jets and weapons go on strike

Several thousand workers at three Midwest manufacturing plants where Boeing develops military aircraft and weapons went on strike early Monday, potentially complicating the aerospace company’s progress in regaining its financial footing.

The strike started at Boeing facilities in St. Louis; St. Charles, Missouri; and Mascoutah, Illinois, after about 3,200 local members of the International Association of Machinists and Aerospace Workers voted Sunday to reject a modified four-year labor agreement, the union said.

Boeing’s Defense, Space & Security business accounts for more than one-third of the company’s revenue.

Originally Published: August 4, 2025 at 3:59 PM EDT