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BOOM TESLA approves 26 billion for Musk

Issued: 2018-03-21

Tesla shareholders have approved by a wide margin a proposal to award chairman and CEO Elon Musk a multi-billion-dollar stock option grant that supporters say will align him with shareholders and potentially greatly increase the company's value, a source at the meeting told CNBC.

The grant gives Musk $2.6 billion in stock options in 12 tranches that each vest as the company hits key performance milestones over 10 years.

Shares were recently trading up almost 4 percent.

"Investors aren't bothered by the fact that Tesla lost more money than people thought they would, or have had continued Model 3 misses," Loup Ventures managing partner Gene Munster told CNBC. "They see a bigger opportunity over the long-term, and that opportunity is figuring out the trifecta between energy capture, storage and use."

The board said the plan will likely result in increased value for shareholders even if Musk misses the targets, better ensures Musk remains at Tesla, and spurs the achievement of the Tesla Master Plan, which in turn would make Tesla one of the world's most valuable companies.

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