Elon Musk took the stand in a Delaware court on Wednesday to defend against claims about his $56 billion Tesla Inc pay package.
Musk began by answering questions from his attorney about his history at Tesla and described how the company was struggling to survive in 2017, when the pay package was developed.Start your day with a roundup of B.C.-focused news and opinion delivered straight to your inbox at 7 a.m., Monday to Friday.By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc.
Investors are growing concerned about Musk’s focus on Twitter, and on the stand the billionaire said he focuses his attention where it is needed most, which in 2017 was Tesla.tap here to see other videos from our team“So in times of crisis, allocation changes to where the crisis is,” said Musk, who wore a dark suit and tie.
The legal team for Musk and the Tesla directors, who are also defendants, 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 $600 billion from around $50 billion.Article content Musk has a history of combative testimony and often appears disdainful of lawyers who ask probing questions. He has called opposing attorneys “reprehensible,” questioned their happiness and accused them of “extortion.”Article content
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