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.

Tesla has granted CEO Elon Musk shares worth about $29 billion in a new pay deal aimed at keeping the billionaire entrepreneur at the helm during a crucial pivot from its struggling core auto business to robotaxis and humanoid robots.

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