Elon Musk pay – pressnews

Elon Musk to testify at trial over his $50 bn Tesla compensation

16Nov

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Technology

Elon Musk to testify at trial over his $50 bn Tesla compensation

[ad_1] Tesla tycoon Elon Musk will take the stand on Wednesday as part of a trial over his $50 billion pay package as CEO. Tesla tycoon Elon Musk will take the stand on Wednesday as part of a trial over his $50 billion pay package as CEO of the electric car giant.Musk will testify in the same Delaware court where he faced a lawsuit by Twitter to make sure he went through with his buyout of the social platform. The $44 billion purchase of Twitter has put Musk under a deluge of scrutiny after he conducted massive layoffs, scared advertisers and opened the platform to fake accounts. The unrelated Tesla case is based on a complaint by shareholder Richard Tornetta, who accused Musk and the company's board of directors of failing in their duties when they authorized the pay plan.Tornetta al...

How Elon Musk Scored a $55 Bn Pay Package, Largest in US Corporate History, Now Under Fire

[ad_1] A VC who served on Tesla board testified that the largest executive-pay package in US corporate history was necessary to keep Elon Musk “engaged”. A Silicon Valley venture capitalist who served on Tesla Inc.'s board testified that the largest executive-pay package in US corporate history was necessary to keep Elon Musk “engaged” in the electric carmaker he founded. Taking the stand Monday as the first witness in a trial over the propriety of paying Musk some $55 billion, Ira Ehrenpreis said the Tesla board recognized in 2017 that the chief executive officer was a “serial entrepreneur” and wanted to make sure he didn't leave the company to pursue other interests. “We wanted Elon to be at the head of Tesla for a long time,” Ehrenpreis testified. Ehrenpreis's testimony, which aim...

Elon Musk’s $55 BILLION Tesla Pay Package Spoiled by Conflicts of Interest, Investor Claims

[ad_1] Musk must face a Delaware judge at a Nov. 14 trial over the claim by investor Richard Tornetta. The decision by Tesla Inc. directors to authorize a $55 billion pay package for Chief Executive Officer Elon Musk in 2018 was marred with conflicts of interest and improper disclosures about the performance benchmarks he'd be held to, a disgruntled investor argued in a court filing.Musk, the world's richest person and Tesla's largest shareholder, must face a Delaware judge at a Nov. 14 trial over the claim by investor Richard Tornetta, who claims the billionaire engineered the windfall pay deal by pushing it through a “supine board.” Musk dictated the “framework and financial terms, which remained fundamentally unchanged” throughout the board's approval process, Tornetta's lawyers sa...