Elon Musk will defend against claims that his Tesla pay package was based on weak performance targets and influence with board of directors.
Tesla shareholder Richard Tornetta sued Musk and the board in 2018 and hopes to prove that Musk used his dominance over themaker's board to dictate terms of the package, which did not require him to work at Tesla full-time.
Tornetta has asked the court to rescind the 2018 package, which Tornetta's attorney Greg Varallo said was $20 billion larger than the annual gross domestic product of the state of Delaware. On Monday and Tuesday, the court got a taste of Musk's testimony through short clips from his 2021 deposition in the litigation. In one clip, Musk dismissed the idea that the board should have discussed requiring that he spend more time with Tesla.
Last year, Musk told a lawyer for a shareholder suing him over the 2016 acquisition of SolarCity that he was"a bad human being."
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Elon Musk trial opens to decide fate of his $56 billion Tesla payTesla CEO Elon Musk is scheduled to take the stand this week to defend his $56 billion pay package against shareholder allegations it was rigged with easy performance targets and that investors were duped into approving it. A Tesla shareholder hopes to prove during the five-day trial that Musk used his dominance over the electric vehicle maker's board to dictate terms of the 2018 package, which did not even require him to work at Tesla full time. The shareholder, Richard Tornetta, has asked the court in Wilmington, Delaware, to rescind the pay package, which is six times larger than the top 200 CEO salaries combined in 2021, according to Amit Batish of Equilar.
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