Shares of Tesla Inc. were climbing Monday after the electric-vehicle giant’s board of directors approved Chief Executive Elon Musk’s pay package, which includes an award of $29 billion worth of stock.

Tesla Inc. approved an interim stock award worth about $30 billion for Chief Executive Officer Elon Musk, a massive payout meant to keep the billionaire’s attention on the automaker as a legal fight over a 2018 pay package drags on.