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.

Shareholders said this included Musk's assurance on an April 22 conference call that Tesla was "laser-focused on bringing robotaxi to Austin in June," and Tesla's claim the same day that its approach to autonomous driving would deliver "scalable and safe deployment across diverse geographies and use cases."

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