Tesla’s board approved a new compensation package for CEO Elon Musk, granting him 96 million shares valued at approximately $29 billion. This move aims to retain Musk’s leadership as Tesla pivots from electric vehicle production to autonomous driving technology and humanoid robotics. The decision follows a Delaware court ruling in early 2024 that voided Musk’s original compensation package due to shareholder disputes. The new award reinforces Musk’s commitment to Tesla, which employs 125,000 people globally and remains the world’s most valuable automaker. Despite challenges, including an 8.4% drop in China-made EV sales in July and a $243 million liability verdict from a 2019 Autopilot-related crash in Florida, Tesla continues to innovate. Musk announced that Tesla’s robotaxi service, currently operating a small fleet of 10 to 20 Model Y vehicles in Austin, has driven 7,000 miles, with plans for expansion to Nevada, Arizona, and Florida. Additionally, Tesla signed a $16.5 billion deal with Samsung for AI6 chips to be produced in Texas, supporting its autonomous driving ambitions.
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