Twitter has been acquired by Elon Musk and to date, news about constant changes is circulating in the media. The businessman is revamping the whole website and looking to give it a different authenticity.
But the latest news is not about Twitter, it is about his company Tesla. Elon Musk is going to a 5-day trial as he struggles to On Wednesday, the CEO told the court that he made some decisions about Tesla Inc. without waiting for the shareholders to agree. He also defended his $56 billion salary. Elon fought against the court’s claim that he dictated the terms of this pay package to the board.
Elon Musk Defends $56 Billion Pay Package At Tesla!
One of the board members, Richard Tornetta (a Tesla shareholder) sued the Tesla board and Elon Musk in 2018. He wants to prove to the court that Elon has misused his powers to dominate the board members and convinced them to a humungous pay package. This kind of money eliminates Elon’s requirement to work as a full-time employee for the electric vehicle company.
Greg Varallo, the lawyer of Richard Tornetta’s lawyer questioned Elon and the CEO told the court that the pay package put forward was easy to achieve.
Musk said that there is so much pain that no words can describe it. He said that there’s so much effort that he put into the company. It was a failure in 2017 but now the company is observing explosive growth.
Greg continuously portrayed an image of Elon that he has overpowered Tesla. The lawyer also tried to prove in court how Elon disregarded the shareholders on various occasions. Stating an example, Greg Varallo said that Elon Musk himself decided that Tesla won’t accept Bitcoin cryptocurrency. He also said that the board didn’t know about it, and Elon told the analyst in October that the board had decided to buy back around $10 billion worth of Tesla stock.
Even after the testimony, it wasn’t clear who created the hefty pay package for Elon Musk in 2018. It was also ambiguous about whether the package was Elon’s demand or a negotiation with the board.
Earlier this week, Elon Musk took to Twitter and informed that he would be staying at the San Francisco headquarters of the company. This would be until all the company problems are resolved.
Regarding the Tesla deal, Elon was still dismissive and said that the pack package is fair, seeing the number of hours he has given to the company. With regard to Twitter, Musk said that he would soon finish the restructuring of the social media company and find someone to lead it.
Richard Tornetta, the former shareholder has asked the court to nullify the 2018 pay package of $56 billion.
The end result is yet to be seen and we can only hope for a fair decision. The fates of both Tesla and Twitter are uncertain at the moment. Musk has always been into combative testimony for a long time now.
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