Elon Musk took the stand in a Delaware court on Wednesday to defend against claims about his $56 billion Tesla Inc pay package.
Tesla shareholder Richard Tornetta sued Musk and the board in 2018 and 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.Sign up to receive daily headline news from the Calgary SUN, a division of Postmedia Network Inc.By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc.
Musk admitted that he vacationed with board members and sometimes tweeted about the company without clearing the messages with a Tesla lawyer as required by a 2018 settlement with a securities regulator.tap here to see other videos from our teamMusk said he would not accept a pay plan that required him to punch a clock or commit certain hours to Tesla. “I pretty much work all the time,” he said. “I don’t know what a punch clock would achieve.
The billionaire testified that he focuses his attention where it is needed most, which in 2017 was Tesla. Musk acknowledged that he was not a lawyer but added, “when you’re in enough lawsuits you pick up a few things.”Musk tweeted this week that he was remaining at Twitter’s San Francisco headquarters around the clock until he fixed that company’s problems, and said on Wednesday he had come on an overnight flight from the social media company.
They have argued the plan was developed by independent board members, advised by outside professionals and with input from large shareholders.
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