WILMINGTON — Tesla CEO Elon Musk is scheduled to take the stand this week to defend his $56 billion pay package against shareholder allegations it was rigged…
A Tesla shareholder hopes to prove during the five-day trial that Musk used his dominance over the electric vehicle maker’s board to dictate terms of the 2018 package, which did not even require him to work at Tesla full time.Sign up to receive daily headline news from the Calgary Herald, a division of Postmedia Network Inc.By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc.
The Tesla shareholder lawsuit argues that the pay package should have required Musk to work full time at Tesla. The company’s shareholders have become concerned that Musk is distracted by Twitter, which he has warned might not survive an economic downturn. Monday’s testimony is expected to begin with Ira Ehrenpreis, a Tesla director since 2007. In all, 19 witnesses are scheduled, including directors and executives from 2018, compensation experts and advisors who helped craft the pay package.
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