Tesla: It's Payday for Elon Musk

The world's richest man just got a few light-years further away from the poorhouse: Tesla's board announced that it's payday for CEO Elon Musk, who it said in a Monday letter to shareholders has "not received meaningful compensation for eight years." And it's a hefty one, reports CNN. A look:

• All stock, all the time: The pay package takes the form of 96 million shares of Tesla, for which Musk would have to pony up $23.34 apiece. They're currently trading just north of $300. That pegs the total value of the package at $29 billion. CNN notes that Musk doesn't draw a salary or take bonuses for his work at Tesla, but he is its largest shareholder, with about a 13% stake.

• That $23.34 price: That's the price-per-share number pegged in Musk's much-litigated 2018 compensation package, reports the AP, which was rejected a second time just six months ago in a Delaware court in a shareholder lawsuit. Tesla said Monday that "legal efforts continue" to get that package, which had a maximum value of about $56 billion, reinstated.
• From the board: "Despite these legal challenges, we can all agree that Elon has delivered the transformative and unprecedented growth that was required to earn all milestones of the 2018 CEO Performance Award. This growth has translated into immense value generated for Tesla and all our shareholders."
• About that stock: Tesla shares are down about 25% this year, per the AP, with its most recent quarterly profit falling from $1.39 billion to $409 million.