The “interim” package announced on Monday was intended to help retain Elon Musk, whose previous pay plan was invalidated by a judge.

Tesla's board approved a compensation package for Elon Musk worth about $29 billion in order to keep the chief executive focused on the company.

The package would give Musk 96 million shares of Tesla, each of which trades at just over $300. Musk would have to pay $23.34 for each of those shares, equal to the amount he was expected to pay when he was first awarded his 2018 compensation package.