Tag: Elon Musk Pay package

Elon Musk says he will find a new CEO for Twitter
17Nov By adminNo Comments
Technology

Elon Musk says he will find a new CEO for Twitter

[ad_1] Musk made the remarks while testifying in a Delaware court to defend against claims that his $56 billion pay package at Tesla Inc was based on easy to achieve performance targets. Elon Musk said on Wednesday he expected to reduce his time at Twitter and eventually find a new leader to run the social media company, adding that he hoped to complete an organizational restructuring this week.Musk made the remarks while testifying in a Delaware court to defend against claims that his $56 billion pay package at Tesla Inc was based on easy to achieve performance targets and was approved by a compliant board of directors. However Musk later said in a tweet that he will continue to run Twitter until it is in a strong place, though it will "take some time." Musk's tweet came after former...
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Elon Musk to testify at trial over his $50 bn Tesla compensation
16Nov By adminNo Comments
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...
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How Elon Musk Scored a $55 Bn Pay Package, Largest in US Corporate History, Now Under Fire
15Nov By adminNo Comments
Technology

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...
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Elon Musk’s $55 BILLION Tesla Pay Package Spoiled by Conflicts of Interest, Investor Claims
3Nov By adminNo Comments
Technology

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...
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Elon Musk Says $50 Billion Tesla Pay Package Is JUSTIFIED!
27Oct By adminNo Comments
Technology

Elon Musk Says $50 Billion Tesla Pay Package Is JUSTIFIED!

[ad_1] Tesla Inc.’s decision to give CEO Elon Musk a pay package that could be worth more than $50 billion wasn’t excessive. Find out why. Tesla Inc.'s decision to give Chief Executive Officer Elon Musk a pay package that could be worth more than $50 billion wasn't excessive given the electric-car maker's stratospheric rise in value over the last decade, his lawyers said in a court filing. Musk, the world's richest person, must face a Delaware judge at a trial Nov. 14 to counter accusations he steamrolled Tesla directors in 2018 to award him what may turn out to be one of the corporate world's biggest pay deals ever. Tesla investor Richard Tornetta argues directors let the billionaire entrepreneur craft his own compensation plan because of conflicts-of-interest that left them beh...
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