The multi-day trial over billionaire Elon Musk's 2018 Tesla compensation package kicked off at Delaware's Court of Chancery on Monday morning.
for overseeing the day-to-day operations of a mature company," because Musk "is not the typical CEO."Tornetta’s team also claimed that some board members had personal and business conflicts of interest with Musk and that the "supine" board approved the package despite it allegedly lacking "traditional benchmarking," according to the brief.
The plaintiff’s attorneys argued the compensation plan, potentially worth up to over $50 billion, included some performance goals that were already part of Tesla’sand "deemed probable of achievement." It was "secured with a materially misleading and omissive proxy statement" via a subsequent shareholder vote, Tornetta’s team further alleged.
Vehicles are parked outside the Tesla plant, in Fremont, California, on May 12, 2020. California sued Tesla Inc. on Wednesday, Feb. 9, 2022, over allegations of discrimination and harassment of Black employees at its San Francisco Bay Area factory.On the other hand, Musk’s attorneys claimed it disclosed the proper information about the formulation of the package and its goals.
Musk and others will reportedly provide testimony amid the trial over the Tesla compensation package.
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