Musk testifies in lawsuit over Tesla compensation package

Source: SFGate

“Tesla CEO Elon Musk took the witness stand Wednesday to defend himself in a shareholder lawsuit challenging a compensation package he was awarded by the company’s board of directors that is potentially worth more than $55 billion. Musk denied that he dictated terms of the compensation package or attended any meetings at which the plan was discussed by the board, its compensation committee, or a working group that helped develop it. ‘I was entirely focused on the execution of the company,’ he said. Plaintiff’s attorney Greg Varallo spent much of his early cross-examination trying to draw Musk into admitting that he controls Tesla to such an extent that he can sway the board to do his bidding. Among other things, Varallo questioned Musk about his title of ‘Technoking,’ a role that Musk has previously noted comes with ‘panache’ and ‘great dance moves.'” (11/16/22)