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 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.

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