Musk testified in court that, in 2017, when his compensation package was decided, he was “totally focused” on turning around a faltering Tesla.
Elon Musk told a court that he was completely focused on Tesla in 2017 when the electric car maker was in ‘trouble’ as it tried to deny allegations that its $56 billion pay package was based on simple performance targets and approved by the Board of Directors. directors.
Tesla shareholder Richard Tornetta sued Musk and the board in 2018 and hoped to prove that Musk used his authority on the Tesla board to dictate the terms of the package, which did not bind him. Musk, the world’s richest man, appeared in court in Delaware in the United States on Wednesday and explained how the automaker is trying to survive in 2017 when a debt package was created.
Asked by Tornetta’s attorney Greg Varallo, Musk dismissed allegations that his compensation goals were too easy to achieve. “A lot of pain, no words can explain,” Musk said recently, describing the efforts he made to bring the company from the end of the fall in 2017 to the explosion. “It’s a pain I wouldn’t wish on anyone.”
Varallo has repeatedly tried to show Tesla as a company under the influence of Musk and tried to show that Musk has passed the leadership of Tesla on several occasions. For example, Musk said that he made a call without a group to stop Tesla’s approval of the Bitcoin cryptocurrency and admitted that the building was not explained before he told analysts in October that the company was considering buying up to $ 10 billion in stock.
But the testimony doesn’t clearly show who made up Musk’s 2018 pay package or whether it was a product of his wishes rather than discussions with the board. In his testimony, Musk said he would not accept a compensation plan that required him to clock in or put in certain hours at Tesla.
“I work almost all the time,” he said. “I don’t know what a punching clock will accomplish.”
The five-day trial before Chancellor Kathaleen McCormick comes as Musk struggles to manage the chaos of Twitter, the social media network he was forced to buy for $44 billion in October after a series of legal battles. one judge after trying to pull. of this agreement.
Musk, who arrived in a black Tesla and was driven to court through separate doors for security reasons, finished his testimony in less than three hours. He was followed by Antonio Gracias, co-CEO of Tesla from 2007 to 2021. 온라인카지노
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The billionaire testified that he is focusing his attention where it matters most, namely Tesla in 2017. “So in times of crisis, allocations shift to where the crisis is,” Musk said.
Musk has a history of combative testimony that often appears to fire prosecutors who ask investigative questions. In previous cases, he called the opposing lawyers “disgraceful”, questioning their happiness and accusing them of “robbing people”.
Musk was more restrained in Wednesday’s proceedings, though he was increasingly frustrated with the probe’s questions. At one point, Musk told the plaintiff’s attorney, “Your question is a very complex question that is often used to mislead people.”
Musk acknowledged that he’s not a lawyer, but added, “when you judge the whole thing, you pick up some things.”
Twitter Distracted Him
Musk tweeted this week that he was staying at Twitter’s San Francisco headquarters 24 hours a day until he could fix the company’s problems and said on Wednesday that he had been on a night flight since the news agency taking care of people. In his testimony, Musk also said he hoped to reduce his time at Twitter and eventually find a new CEO to lead the social media company, adding that he hoped to complete the organizational structure. this week.
Tesla investors are increasingly concerned about how much time Musk is spending on Twitter. Tesla shares fell 3% mid-afternoon.