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Investing.com - Tesla (NASDAQ:TSLA), the $990 billion market cap EV giant, has approved a significant stock award for CEO Elon Musk, according to a Form 8-K filing with the SEC on Monday. According to InvestingPro data, Tesla currently trades at a P/E ratio of 167, reflecting high market expectations.
The electric vehicle maker’s Board of Directors unanimously approved an award of 96 million shares of restricted stock under the company’s 2019 Equity Incentive Plan, as recommended by a special committee comprised of directors Robyn Denholm and Kathleen Wilson-Thompson.
The grant, made under Tesla’s Long-Term Incentive Program, requires Musk to pay $23.34 per share of restricted stock that vests, equal to the exercise price of his 2018 CEO Award. The accounting grant-date fair value of the award is approximately $23.7 billion.
Wedbush maintained its Outperform rating and $500.00 price target on Tesla stock following the announcement, noting the award represents about one-third of the compensation earned under the 2018 Incentive Package that was invalidated by Delaware courts.
The award includes provisions that it would be forfeited if Delaware courts reinstate Musk’s 2018 pay package, and requires Musk to remain in continuous service as CEO or an executive officer responsible for product development or operations.
In other recent news, Tesla, Inc. announced that its board of directors approved a grant of 96 million shares of restricted stock to CEO Elon Musk under the 2019 Equity Incentive Plan. The shares are subject to a two-year vesting period and certain conditions regarding Musk’s service as CEO or an executive officer. Additionally, Moody’s Ratings affirmed Tesla’s Baa3 long-term issuer rating with a stable outlook, highlighting the company’s strengths in vehicle technology, software, and AI capabilities. These competencies are seen as a foundation for continued innovation and potential future product offerings. Meanwhile, a Miami federal jury ordered Tesla to pay $329 million in a lawsuit related to a fatal crash involving its Autopilot technology, concluding a four-year legal battle. This verdict may influence Tesla’s safety reputation. In another development, reports indicate that Samsung (KS:005930) Electro-Mechanics will supply camera modules for Tesla’s Optimus robots. Lastly, Tesla’s new car registrations in Italy fell for the third consecutive month in July, with a 5% drop compared to the same period last year.
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