The Tesla CEO was in a Delaware court to defend a 2018 $56bn pay package that helped him become world’s richest man
Musk described how the automaker was struggling to survive in 2017, when the pay package was developed.
“So in times of crisis, allocation changes to where the crisis is,” said Musk, who wore a dark suit and tie. He had arrived in a black Tesla and was led into the courtroom via a separate entrance due to safety concerns. At one point, Musk told the plaintiff’s lawyer, “your question is a complex question that is commonly used to mislead people”.
Tornetta has asked the court to rescind the 2018 package, which his attorney Greg Varallo said was $20bn larger than the annual gross domestic product of the state ofThe legal team for Musk and the Tesla directors have cast the pay package as a set of audacious goals that worked by driving 10-fold growth in Tesla’s stock value, to more than $600bn from around $50bn.
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