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

The company described the "interim award" as "good faith" payment to honor Musk's more than $50 billion pay package from 2018 that was struck down by a Delaware court last year.