Tesla said Tuesday that CEO Elon Musk is insuring company directors, citing high premiums from insurance companies.The billionaire pledged 54% of his stake in Tesla to make the offering, up from 40% in 2018.
No stranger to high insurance costs, Tesla last year launched an insurance offering for owners in California .
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Elon Musk agreed with Tesla to personally provide coverage substantially equivalent to such a policy for a one-year period, and the other members of the Board are third-party beneficiaries thereof.
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