As Elon Musk is engulfed in his overhaul of Twitter, the entrepreneur is headed to trial to defend his record $56 billion Tesla pay package against claims it unjustly enriches him without requiring his full-time presence at the carmaker
Tornetta's lawyers argue the 2018 package failed its stated purpose of focusing Musk on Tesla. They portray Musk as a "part-time CEO," citing his testimony that in 2018 he worked Tuesday, Wednesday and Friday at the electric carmaker and Monday and Thursday at rocket company SpaceX, according to his deposition.
The company has argued the package was not about requiring Musk to punch a clock and be on site specific hours each week, but to hit "audacious" targets, enriching Musk but also shareholders like Tornetta. Musk's vested grants are worth around $50 billion, according to Amit Batish at Equilar, an executive pay research firm. The grants contribute to his $200-billion fortune, the world's largest.
The trial is likely to focus on Tornetta's claims the package was developed and approved by directors beholden to Musk and promoted to shareholders without revealing the first tranches were probable of being met based on internal projections.For example, Antonio Gracias, described by the plaintiff as a close friend of Musk and who was lead independent director from 2010-19, testified in his 2021 deposition that Musk could sell Tesla if he wanted and the board could not stop him.
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