Musk testifies in lawsuit over Tesla compensation package
2 years, 1 month ago

Musk testifies in lawsuit over Tesla compensation package

Associated Press  

— Tesla CEO Elon Musk took the witness stand Wednesday to defend himself in a shareholder lawsuit challenging a compensation package he was awarded by the company’s board of directors that is potentially worth more than $55 billion. Varallo also suggested that one of the reasons that Musk developed a “master plan” for Tesla was to let people know he was in charge. “You’re asking complex questions that can’t be answered ‘yes’ or ‘no’,” Musk said when Varallo asked whether he came up with the vision for Tesla. Attorneys for the defendants have noted that two institutional proxy advising firms that urged shareholders to reject the plan nevertheless noted that it would require “significant and perhaps historic achievements” and require growth that “appear stretching by any benchmark.” The plan called for Musk to reap billions if Tesla hit certain market capitalization and operational milestones. “Given that this will all go to causes that at least aspirationally maximize the probability of a good future for humanity, plus all Tesla shareholders will be super happy, I think this will be received well,” he wrote, adding that “it should come across as an ultra bullish view of the future.” While on the stand, Musk also said that he does not want to be the CEO of any company.

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