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 electric vehicle maker said in a regulatory filing on Monday that CEO Elon Musk must first pay Tesla US$23.34 per share of restricted stock.

The company said in a letter to shareholders that "rewarding Elon for what he has done and continues to do for Tesla is the right thing to do"