12:02 PM EDT, 08/04/2025 (MT Newswires) -- (Corrects the headline to 96 Million in New Shares)

Tesla (TSLA) has awarded CEO Elon Musk 96 million new shares, the company said in a filing.

The company said the shares only vest if Musk stays in a top executive role through 2027 and come with a five-year holding period, except for taxes or purchase costs.

The restricted stock's exercise price is $23.34 per share, upon vesting, the same as its exercise price per share of the 2018 CEO award, the company said.

If the Delaware courts fully reinstate the 2018 CEO Performance Award, the new one will be voided or adjusted to prevent overlap, Tesla said.

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