Tesla to award Musk $1 trillion if company achieves some stiff targets

FILE PHOTO: Illustration shows 3D printed miniature model of Elon Musk and Tesla logo

(Reuters) -Tesla’s board proposed a new compensation deal for CEO Elon Musk valued at about $1 trillion.

Shares of the EV maker rose 2% in premarket trading following the news.

Tesla’s board earlier this year approved an interim compensation package for CEO Elon Musk worth about $29 billion in restricted stock, designed to keep him at the helm through at least 2030 as the company pivots to an AI-first strategy.

(Reporting by Akash Sriram in Bengaluru; Editing by Shreya Biswas and Anil D’Silva)