Tesla reinstates Musk’s 2018 pay package. Here’s how large his stake is

Tesla filed to register roughly 304 million shares under Elon Musk’s reinstated 2018 compensation package after the Delaware Supreme Court restored the plan. An interim 96 million-share award granted in Aug 2025 was canceled. Musk must exercise the options in full between May 21 and Aug 15, 2026, at a $23.34 strike, costing about $7.1 billion (cash or shares). The shares cliff-vest Jan 19, 2028, and are subject to a five-year holding restriction (no sales before Jan 2033, except to cover taxes). Barclays calculates the 2018 package would boost Musk’s stake by ~4.0% to ~16.8% (assuming a $370 stock price and paying taxes with shares). Even combining the 2018 and 2025 plans, Barclays estimates Musk would reach only ~22.2% ownership after a 45% tax hit, short of his 25% target — with tax treatment a key variable for market ownership outcomes.