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☆ Elon Musk’s $50 billion trial comes to an end today
▼ + stars: | 2022-11-18 | by ( Matt Mcfarland | ) edition.cnn.com time to read: +5 min

Washington, DC CNN —The trial for the Tesla shareholder lawsuit examining CEO Elon Musk’s unprecedented compensation package will wrap up this afternoon. The net value of the compensation package is $50.9 billion today, after Tesla’s valuation soared more than 1,000% at its peak since shareholders approved the package. Several corporate governance experts told CNN Business that it’s clear Tesla’s board of directors lacks independence from Musk. At the time of the 2018 compensation package, Kimbal said it was “very unlikely” that Elon would walk away from his role of CEO at Tesla. That’s just not how Elon operates,” Kimbal Musk said.

☆ Elon Musk takes the stand in lawsuit over his Tesla pay
▼ + stars: | 2022-11-16 | by ( Matt Mcfarland | ) edition.cnn.com time to read: +2 min

Washington, DC CNN —Tesla CEO Elon Musk is testifying this morning in a shareholder lawsuit examining the massive compensation package that helped make him the world’s richest person. Musk was awarded the compensation package in 2018, and shareholders approved the deal at the time. They’ve also contrasted Musk’s compensation with the average Tesla salary, which they’ve said is $40,000. Musk’s compensation package goals were characterized t as lofty and incredibly difficult to achieve. This is a developing story and will be updated throughout Musk’s testimony.

"He's probably going to spend more time on Twitter than any Tesla investor feels comfortable about." Sales of Musk's own Tesla shares - totaling $20 billion since he disclosed his Twitter stake - have added to the pressure. "I think he's finally reached a point where he's really challenging himself. 'MINIMAL TIME'The Tesla board has expressed concerns about Musk's commitment to SpaceX and several smaller companies. So I think Tesla would continue to do very well even if I was kidnapped by aliens or went back to my home planet maybe."

☆ Tesla Chair Testifies in Elon Musk’s Compensation Trial in Delaware
▼ + stars: | 2022-11-15 | by ( Rebecca Elliott | Meghan Bobrowsky | ) www.wsj.com time to read: 1 min

In this courtroom sketch from Monday, venture capitalist Ira Ehrenpreis was cross-examined in Elon Musk’s compensation trial. WILMINGTON, Del.— Tesla Inc. Chair Robyn Denholm kicked off testimony Tuesday in the second day of a trial over Elon Musk‘s multibillion-dollar pay package at the electric-vehicle maker. A Tesla shareholder, Richard Tornetta, is seeking to nullify Mr. Musk’s 2018 compensation grant, alleging that Mr. Musk controlled the board’s consideration of his pay package and failed to disclose crucial information to shareholders who signed off on it—such as how achievable the company viewed certain milestones to be. The package is worth around $51 billion at recent share prices.

☆ Tesla’s board chair says Musk needed money for space travel
▼ + stars: | 2022-11-15 | by ( Matt Mcfarland | ) edition.cnn.com time to read: +2 min

Washington, DC CNN —Elon Musk said that he needed to receive what amounted to the largest compensation package in history so that he could fuel his goals around “inter-planetary travel,” Tesla board chair Robyn Denholm testified Tuesday. Musk has long claimed that he intends to use his vast wealth in pursuit of space travel and colonization. “Quite honestly, I don’t know how much it costs to do any inter-planetary travel. The company’s driving interest in awarding Musk such an enormous compensation package was to keep his focus on Tesla, as opposed to his other companies. Denholm said Tuesday that Musk’s previous compensation package before the 2018 plan wasn’t adequate to keep him engaged at Tesla.

[1/2] SpaceX Chief Engineer Elon Musk gestures during a joint news conference with T-Mobile CEO Mike Sievert at the SpaceX Starbase, in Brownsville, Texas, U.S., August 25, 2022. REUTERS/Adrees LatifCompanies Twitter Inc FollowTesla Inc FollowWILMINGTON, Del., Nov 7 (Reuters) - As Elon Musk is engulfed in his overhaul of Twitter, the entrepreneur is headed to trial to defend his record $56 billion Tesla Inc pay package against claims it unjustly enriches him without requiring his full-time presence at the carmaker. The disputed pay 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. Does Elon Musk work for the board or does the board work for Elon Musk," said Minor Myers, a professor at UConn School of Law. Myers said if the pay package is rescinded, the board could simply create a new one and do so with McCormick's ruling to guide them.

☆ Tesla adds Airbnb co-founder Joe Gebbia to board
▼ + stars: | 2022-09-28 | by ( Lora Kolodny | ) www.cnbc.com time to read: +2 min

Joe Gebbia, co-founder of Airbnb and chairman of Airbnb.org, during South By Southwest (SXSW) festival in Austin, Texas, U.S., on Sunday, March 13, 2022. Tesla has added Airbnb co-founder, designer, and billionaire Joe Gebbia as an independent member to its board of directors according to a regulatory filing out Wednesday. Adding Gebbia to the Tesla board may help Tesla avoid further conflict with the SEC, which has initiated multiple probes to determine that Musk and Tesla remain in compliance with their agreement. However, Gebbia remains on the Airbnb board and serves as chairman of Airbnb.org, the company's affiliated nonprofit that provides housing to people displaced in times of crisis, including those impacted by natural disasters and global conflicts. Gebbia has not been assigned to any Tesla board committees yet.

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