Musk defends $56 billion pay package at Tesla

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The trial for the Tesla shareholder lawsuit involving CEO Elon Musk’s unprecedented pay is yet to reach a definite conclusion after the court did not issue a ruling from the bench.

During the hearing, Musk testified that he made decisions about Tesla Inc, including pausing the acceptance of Bitcoin payments, without director approval as he defended his $56 billion pay package against claims, he dictated its terms to a compliant board.

Therefore, he wanted a huge package to finance his dream of travel to Mars, and to make life multi-planetary in order to ensure the long-term survival of consciousness.

The case was brought forward by Tesla shareholder Richard Tornetta, who sued Musk and the board in 2018 for Musk’s pay package, based on the company’s performance targets, is unfair as they are being set low, enabling the CEO to earn billions of dollars. Tornetta also hopes to prove that Musk used his dominance over Tesla’s board to craft the compensation package, which did not require him to work at Tesla full-time.

The sources for this piece include an article in Reuters.

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