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Tesla drops Musk’s $29B ‘interim’ award after Delaware court restored larger pay package

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Tesla has revoked the “interim” pay package worth $29 billion that it gave its CEO Elon Musk last year, after the Delaware Supreme Court recently restored his larger $56 billion compensation award from 2018.

The company had given Musk the interim package in August 2025 to hedge against the possibility of Delaware’s highest court rejecting his appeal. Tesla had explained to investors that the interim package would be voided should Musk prevail. “[T]here cannot be any ‘double dip’,” the company wrote last year.

Sure enough, Tesla confirmed in its quarterly filing with the Securities and Exchange Commission on Thursday morning that it spiked the interim award on April 21. Tesla said that the board voted without Musk or his brother (and fellow director) Kimbal Musk.

“These actions are consistent with the ‘no double dip’ principle, which precludes Mr. Musk from getting a windfall in the event that he may exercise the 2018 CEO Performance Award,” Tesla wrote in the filing.

Tesla granted the $56 billion package to Musk in 2018, and it was challenged in court by a shareholder who accused the CEO of essentially negotiating against himself in designing it, and not properly informing shareholders of this. That case took years to play out in Delaware’s Chancery Court before a judge ultimately decided in 2024 that the plaintiff was right, and struck down the pay package.

Tesla waged a public affairs campaign while it appealed the judge’s decision to the state’s supreme court. That included “re-voting” on the package to ostensibly prove that shareholders weren’t duped. Musk, meanwhile, threatened to leave Tesla altogether to develop artificial intelligence elsewhere. This spurred Tesla’s board to draw up the $29 billion award as a hedge, and also work on a much larger and far more ambitious compensation package worth up to $1 trillion.

The revocation of this interim award has no impact on Musk’s $1 trillion package. To access that full amount, Musk has to lead Tesla through a number of operational milestones (like deliver 20 million vehicles and a million robots, and put one million robotaxis on the road), and increase its valuation to more than $8 trillion over the course of 10 years.

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Interestingly, Tesla explained in the quarterly filing that it is starting to make its own estimates about what milestones Musk might and might not achieve. The company doesn’t specify which one it thinks Musk will accomplish, but wrote that it has “unrecognized stock-based compensation expense of $9.97 billion for the operational milestone that was considered probable of achievement over the term of the award.”

The company went on to say that it has unrecognized stock-based compensation expense of between $105.82 billion to $120.37 billion for the “operational milestones that were considered not probable of achievement,” though it did not specify which milestones it meant.

While Musk has 10 years to accomplish all of the goals tied to the trillion-dollar package, many of these operational milestones are watered down versions of promises he’s previously made. Yet, it seems Tesla itself isn’t sure he’ll be able to execute at least a few.

Tesla also explained in the filing that its board of directors has decided to put up some barriers on how and when Musk can sell shares from the now-restored 2018 package “to mitigate any negative impact of significant share sales on the Company.”

Those restrictions appear to track some of the more general ones laid out in the $1 trillion pay package. They dictate Musk has to remain CEO or a product development executive at the company through at least 2028 for the shares to vest, and require him to hold the shares for five years.

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Imo senatorial aspirant, Nwachukwu drags NDC to court over ticket denial  

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A Senatorial Aspirant, Isaac Nwachukwu, has dragged Nigeria Democratic Congress, NDC, and the Independent National Electoral Commission, INEC, before a Federal High Court Sitting in Owerri, Imo State, over the fallout of the party’s National Assembly primaries.

Nwachukwu, in a suit filed through his Counsel, Cajethan Oguzie, accused the party of denying him the Imo North senatorial ticket after emerging a consensus candidate and paying N5m for the nomination form.

The suit also disclosed that Nwachukwu had paid N20m for the support of the party, but his support was unexplainably reduced to N10m when the list of those who supported the party was published.

The NDC Senatorial Aspirant, in his prayers before the court, demanded that a declaration should be made that he is the consensus candidate of the party in the state with regard to the Imo North Senatorial Zone in the 2027 General election.

“A declaration that the first defendant, NDC, be restrained from fielding another candidate except the plaintiff in the General election into the Imo North Senatorial Zone as he is the consensus candidate for the said election.

“A declaration that the second defendant, INEC, be perpetually restrained from recognising and accepting the candidacy of another person except the plaintiff in the Imo North Senatorial election pending the determination of the matter,” the suit stated.

In an affidavit supporting the originating summons, Nwachukwu stated that he purchased the expression of interest form to aspire for the position for Imo North senatorial zone, a copy of which is attached in the suit already filed.

The NDC Senatorial Aspirant added that upon the purchase of the form, he made a monetary contribution in support of the party’s growth in the tune of N20m into the party’s FCMB account number through his Counsel, receipt also attached in the suit as an exhibit.

“The first sign of irregularity and no compliance with the NDC constitution and electoral act came up when the N20m I paid for party support was allocated to one of the aspirants for my Senatorial District by the name Matthew Omegara, and the N10m that Matthew Omegara paid for party support was allocated to me by the Screening Committee headed by Sam Egwu and Buba Galadimma.

” In compliance with NDC’s directives, I participated in the NDC screening exercise and was successfully cleared as an aspirant to participate in the primary election.

After my consensus candidacy was ratified, my name was shortlisted as a Candidate for Imo North district. A copy of the result is hereby annexed as Exhibit 1U5,” the affidavit added.

Nwachukwu alleged that his name was substituted with Omegara after he had been declared the winner of the primary election.

The Imo North Senatorial Aspirant claimed that the National leader of the party, Seriake Dickson, had summoned him for a meeting telling him that his candidacy was affected after a party chieftain from his state said he didn’t know him.

Among other demands, Nwachukwu is asking the court to order NDC to issue him a certificate as its candidate for the Imo North Senatorial District.

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ADC raises alarm over alleged membership forgery in Zamfara

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Supporters and members of the African Democratic Congress, ADC, in Anka and Talata Mafara Local Government Areas of Zamfara State have alleged attempts to manipulate the party’s membership records and card numbers ahead of internal political activities.
The allegation was contained in a statement issued on Wednesday in Gusau by Nura Rabiu Cibiki, Director of Media and Strategy, Campaign and Mobilisation Committee for Abdulrahaman Yahaya, an aspirant for the House of Representatives seat representing Anka/Talata Mafara Federal Constituency.

The group warned against any attempt to alter or duplicate legitimate membership figures, saying such actions could deepen tensions within the party in the constituency.

“We strongly oppose any move to manipulate or duplicate legitimate membership figures, warning that such actions would only worsen existing tensions within the party and the Anka/Talata Mafara Federal Constituency,” the statement said.

The supporters maintained that ADC members in Anka and Talata Mafara were aware of the party’s authentic membership strength and were prepared to protect the integrity of the party’s records.

The statement added that while justice may be delayed, the truth could not be denied.

Meanwhile, Yahaya has filed a suit at the Federal High Court in Gusau challenging alleged irregularities in the party’s primary election process in the constituency.

The court has fixed June 23, 2026, for mention of the case.

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