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1Clear out junk files and repair common Windows errors2Scan for outdated or missing drivers - takes under a minute3Repair Windows errors before they cause bigger problemsTesla chair Robyn Denholm argued in June 2024 that Elon Musk needed the company’s 2018 performance-based pay plan to stay motivated and focused on Tesla. The headline’s $46 billion was a time-specific estimate of stock options—not a cash salary or a fixed value. The plan’s legal status later changed: after a Delaware court ordered it rescinded, the Delaware Supreme Court reinstated it in December 2025.
What was Musk’s $46 billion Tesla pay package?
It was the 2018 CEO Performance Award: stock options divided into 12 tranches. Each tranche represented 1% of Tesla’s outstanding shares at the time of the grant, and vesting depended on Tesla meeting both market-capitalization and operational targets. It was not a guaranteed cash payment.
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The $46 billion figure came from the June 2024 headline and should be understood as an estimate at that time. Different documents report different values because they use different dates and valuation measures:
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|---|---|
| $55.8 billion | The award’s maximum value as described by the Delaware Court of Chancery in 2024. Court of Chancery opinion |
| $2.6 billion | The award’s grant-date fair value, as described in the same 2024 opinion. Court of Chancery opinion |
| About $44.9 billion | A value around the June 2024 shareholder vote recounted in the Delaware Supreme Court’s account of the proceedings. Delaware Supreme Court opinion |
These figures are not interchangeable: the maximum value, grant-date fair value and market-linked estimates answer different questions. The court and company records do not establish $46 billion as the award’s constant worth.
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Why did Denholm say Musk needed the plan?
Denholm made a retention and motivation argument as Tesla sought shareholder support for the award again in 2024. She warned that Musk might leave or devote less time to Tesla without suitable compensation. That was the chair’s stated case for the plan, not a court finding about Musk’s motivation or proof that this amount was necessary. Ars Technica’s June 2024 report
What did shareholders decide, and what did the courts decide?
Shareholders voted in favor of ratifying the award in June 2024, after Tesla brought the proposal back to them. That vote did not itself erase the Chancery court’s judgment. The two courts later reached different outcomes on the remedy:
| Decision | Ruling and effect |
|---|---|
| Delaware Court of Chancery, January 30, 2024 | In Tornetta v. Musk, the court concluded the defendants had not shown the award was entirely fair and ordered rescission. It applied entire-fairness review to this conflicted-controller transaction. The opinion also notes that executive pay decisions generally receive substantial judicial deference, but that observation was not the court’s conclusion about this award. Court of Chancery opinion |
| Delaware Court of Chancery, December 2, 2024 | The court declined Tesla’s request to revise its ruling after the shareholder vote. Delaware Supreme Court opinion |
| Delaware Supreme Court, December 19, 2025 | The court reversed the rescission remedy, reinstated the 2018 award, awarded nominal damages of $1 and reduced the attorneys’ fee award. Delaware Supreme Court opinion |
Tesla’s 2026 filing says the Court of Chancery entered an amended final order implementing the Supreme Court’s reversal on March 18, 2026. Tesla Form 10-K/A
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Repair common Windows errors and clear accumulated junk for a smoother, more stable PC - no reinstall needed.Free scan · no reinstallHow does the 2018 award differ from Tesla’s later awards?
The later grants were separate compensation actions, not new names for the 2018 award.
Quick Recap
| Award | Structure and conditions | Reported status |
|---|---|---|
| 2018 CEO Performance Award | Stock options in 12 tranches, tied to market-capitalization and operational milestones. | Reinstated by the Delaware Supreme Court in December 2025; Tesla reports it became exercisable in full. Tesla Form 10-K/A |
| 2025 interim award | 96 million restricted shares. Tesla Form 10-K/A | Forfeited on April 21, 2026, after the 2018 award became exercisable in full. Tesla Form 10-K/A |
| 2025 CEO Performance Award | 423,743,904 shares in a distinct award with 12 tranches tied to market-capitalization and operational milestones. Tesla Form 10-K/A | Approved by shareholders on November 6, 2025. Tesla Form 10-K/A |
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