Tesla is granting CEO Elon Musk shares totaling around $29 billion, the company announced Monday.

The new pay package for the tech billionaire, which consists of 96 million shares of restricted stock, was approved by the Tesla board on Sunday, the company said in a regulatory filing .

The award comes just six months after a Delaware judge ordered the company to revoke his $56 billion pay package from 2018.

Musk appealed the order in March. A month later, Tesla said in a regulatory filing that it was creating a special committee to look at Musk's compensation as CEO. Creating this new compensation will ensure Musk stays as CEO of Tesla for next several years and alleviate some Tesla shareholder concerns, according to Wedbush analyst Dan Ives.

"We believe this grant will now

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