Tesla CEO Elon Musk testified this week in a shareholder lawsuit that challenges his massive compensation package from the electric car giant.
The lawsuit calls Musk a “part-time CEO” and alleges he was able to influence the company’s board of directors, claiming few if any directors are actually independent of Musk.that Tesla CEO Elon Musk recently testified in a shareholder lawsuit examining the compensation he received for his role of CEO. Musk received a massive $50 billion compensation package in 2018, which is the subject of the lawsuit by plaintiff Richard J. Tornetta, who says the company was wrong to pay Musk so much.
Tesla CEO Elon Musk unveils the new Tesla factory in Fremont, Calif., Wednesday, Oct. 27, 2010. The new Tesla factory is the former NUMMI plant. The suit claims that Musk’s huge pay package was an instance of unjust enrichment, and that the board neglected its legal obligation to act in Tesla’s best interests. The suit refers to Musk as a “part-time CEO” since he is involved in running other organizations, which nowTwitter. The court will determine whether Tesla’s board truly operates independently from Musk and represents the interests of shareholders or if he was able to influence the board into awarding him such a large salary.
However, the plaintiff’s attorney, Gregory Varallo, then played some of Musk’s deposition in which he said at one point discussing his pay package, “that was I guess me negotiating against myself.”
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