Tesla board awards $30bn of shares to Elon Musk

Chief executive will pay $2bn to buy stock in the carmaker at 2018 price after court rules against pay deal

Tesla’s board has approved awarding $30bn (£23bn) worth of shares to its chief executive, Elon Musk, after a US court ruled against a previous pay deal for the world’s richest person.

Musk will pay $2bn to buy 96m shares in the electric carmaker at the same price as the 10-year pay package agreed in 2018, which is stuck in legal limbo awaiting a court date for an appeal. The award was based on a recommendation from a “special committee” of the board.