Tesla urges investors to vote in favor of CEO Elon Musk's compensation package

Tesla's board on Friday sought investor approval for CEO Elon Musk's 2025 compensation package and the company's shareholders requested the board to authorize an investment in the billionaire's xAI startup.

Shares of the EV maker rose 2% in premarket trading following the news.

Tesla's board earlier this year approved an interim compensation package for CEO Elon Musk worth about $29 billion in restricted stock, designed to keep him at the helm through at least 2030 as the company pivots to an AI-first strategy.