Tesla Awards Elon Musk $23.7 Billion in Stock to Stay Focused

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• 00:03

  Tesla approves a stock reward for Elon Musk as an incentive for him to remain as CEO.

• 00:09

  Plus, how big companies start benefiting from Trump's new federal tax law.

• 00:14

  And are Americans back on the hunt for a good deal?

• 00:17

  When you break out consumer sentiment,

• 00:19

  you do see that people on the lower end of the income spectrum and in the middle income are feeling a little bit worse than wealthier folks who have more money in the stock market.

• 00:29

  It's Monday, August 4th.

• 00:31

  I'm Alex Ocele for The Wall Street Journal.

• 00:33

  This is the PM edition of What's News,

• 00:36

  the top headlines and business stories that move the world today.

• 00:46

  Within the rarefied air of CEOs of big U.S. companies,

• 00:50

  there's a new ultra-exclusive achievement, the billion-dollar year,

• 00:54

  in which the boss holds stock-based pay that grew in value by at least 10 figures in a single year.

• 01:00

  They show how today's CEO pay packages can swell far beyond their original valuations.

• 01:06

  WSJ special writer Tao Francis is here to tell us more.

• 01:10

  Tao, I actually want to start with Elon Musk.

• 01:13

  Tesla has granted Musk a new interim stock award that is tentatively valued at more than $23 billion,

• 01:19

  with the promise of more this fall.

• 01:21

  This will materialize if the company doesn't win a case before the Delaware Supreme Court.

• 01:26

  Tesla is appealing an earlier Delaware court decision and validating a 2018 pay package valued at more than $50 billion over 10 years.

• 01:34

  So, Tao, why did the board approve this new pay package?

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