U.S. electric car manufacturer Tesla has awarded its CEO, Elon Musk, a stock package valued at $29 billion (€25 billion). According to the company, keeping Musk on board is more important than ever. With this new mega-compensation package, Tesla aims to prevent the world’s richest man from walking away from the company.

The award stems from a 2019 compensation plan that grants Musk 96 million shares. Last year, however, a Delaware court voided Musk’s previous 2018 compensation package, which had been valued at over $50 billion (€43 billion).

The court ruled that the approval process within Tesla was flawed and unfair to shareholders. The lawsuit drew global attention, with thousands of Tesla shareholders writing letters to the judge to express their views. Musk was reportedly so angered by the ruling that he initiated the formal relocation of Tesla’s corporate registration from Delaware to Texas. He also appealed the decision, and the case is still pending. 

 Consumer Boycotts and Public Backlash

Musk's involvement in outside ventures has raised concerns among investors and consumers alike. In the past year, he has spent less time at Tesla due to his increasing roles elsewhere. Serving as an adviser to the White House, he has pushed for deep cuts in U.S. government spending. He has also taken an active role in German politics, which has drawn criticism.

These external activities have sparked boycott campaigns from frustrated consumers who no longer wish to support Tesla because of Musk’s political and business engagements. On Monday, Tesla defended its decision to award the new compensation package. “While we acknowledge that Elon’s business ventures, interests, and potential other uses of his time and attention are broad and extensive… we are confident that this package will incentivize Elon to remain with Tesla,” stated a special committee formed by the company.