The Tesla board has announced it's awarding Elon Musk with 96 million restricted shares of the company, worth around $29 billion based on its current share price.

In a letter released on Monday, Robyn Denholm and Kathleen Wilson-Thompson, members of the Tesla board of directors, announced that the pay package is the "important first step in compensating Elon Musk for his extraordinary work at Tesla."

According to the letter, Musk has "not received any meaningful compensation for eight years," and the $29 billion pay package is a "good faith" payment to the CEO.

Musk's 2018 pay package, the highest in U.S. corporate history, has been tied up in legal issues due to an ongoing shareholder lawsuit.........

© Entrepreneur