Sunday, November 27, 2022
HomeTeslaUSA: Elon Musk in court to explain his remuneration in Tesla -...

USA: Elon Musk in court to explain his remuneration in Tesla – 14/11/2022 at 19:20


File photo of Tesla CEO Elon Musk at an event in Palo Alto

WILMINGTON, Delaware (Reuters) – Tesla boss Elon Musk is appearing in a U.S. court this week, accused by a shareholder of fraudulently “inflating” his compensation – $56 billion – by particularly ensuring easy targets to meet.

Richard Tornetta hopes to prove in this trial, which opens on Monday, that the new owner of Twitter used his dominant position on the board of the electric car maker to dictate his compensation under an agreement reached. in 2018, even as he devotes himself part-time to Tesla.

The complaint argues that the pay deal – fixed and variable – should have forced Musk to work full-time for Tesla, with the company’s shareholders worried the billionaire was being distracted by Twitter, which he bought for $44 billion last October.

The shareholder thus asked the court in Wilmington, in the US state of Delaware, to cancel the total remuneration, six times higher than the top 200 general manager salaries accumulated in 2021, according to Amit Batish, analyst at the company Equilar.

Elon Musk and Tesla executives deny the accusation.

The billionaire will testify on Wednesday, Greg Varallo, an attorney for Richard Tornetta, told the court Monday. .

A total of 19 witnesses are expected to take the stand, including Tesla executives and directors, compensation experts and advisers who helped shape the compensation package.

(Reporting by Tom Hals in Wilmington, Delaware; French version by Diana Mandiá, editing by Sophie Louet)

.

RELATED ARTICLES

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Most Popular

Tags