Tesla Paying Musk Almost $1 Million to Temporarily Insure Board
Elon Musk
Photographer: Andrew Harrer/Bloomberg
This article is for subscribers only.
Tesla Inc. is making a one-time payment of almost $1 million to Chief Executive Officer Elon Musk related to a controversial insurance arrangement he agreed to with the carmaker’s board earlier this year.
The company is backtracking from plans to let Musk personally provide directors’ and officers’ insurance coverage for a year, as it disclosed in April. But while it seeks quotes from insurers, the CEO will provide up to $100 million of coverage, Tesla said in a regulatory filing Tuesday.