New York, Aug. 5 -- In a significant development, the board of American automaker Tesla has agreed to give its CEO Elon Musk another huge pay package worth about US$29 billion.
The company's latest pay package comes several months after a Delaware court rejected for a second time Musk's 2018 performance award following a shareholder lawsuit.
Musk is currently appealing the order, reports CNN.
In a letter to shareholders on Monday, Tesla said that Musk has "not received meaningful compensation for eight years" and that its "legal efforts continue" to reinstate the 2018 pay package, adding that there's "no clear timeline for resolution".
The package would give Musk 96 million shares of Tesla, each of which trades at just over $300. Musk ...