Musk is scheduled to take the stand this week to defend his $56 billion pay package against shareholder allegations it was rigged with easy performance targets and that investors were duped into approving it.
WILMINGTON, Del - Tesla CEO Elon
The shareholder, Richard Tornetta, has asked the court in Wilmington, Delaware, to rescind the pay package, which is six times larger than the top 200 CEO salaries combined in 2021, according to Amit Batish of Equilar. 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.
The disputed package allows Musk to buy 1% of Tesla's stock at a deep discount each time escalating performance and financial targets are met. Otherwise Musk gets nothing.
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