DIRS.INFO The most relevant business & tech news

☆ Musk says he was focused on reviving Tesla, defends $56 billion pay
▼ + stars: | 2022-11-16 | by ( Tom Hals | Hyunjoo Jin | ) www.reuters.com time to read: +4 min

Elon Musk, Chief Executive Officer (CEO) of SpaceX, Tesla and Twitter, arrives to a trial regarding his Tesla pay package at the Delaware Court of Chancery in Wilmington, Delaware, U.S., November 16, 2022. Tesla shareholder Richard Tornetta sued Musk and the board in 2018 and hopes to prove that Musk used his dominance over Tesla’s board to dictate terms of the package, which did not require him to work at Tesla full-time. Musk, the world’s richest person, described how the automaker was struggling to survive in 2017, when the pay package was developed. The legal team for Musk and the Tesla directors have cast the pay package as a set of audacious goals that worked by driving 10-fold growth in Tesla’s stock value, to more than $600 billion from around $50 billion. The disputed Tesla package allows Musk to buy 1% of Tesla’s stock at a deep discount each time escalating performance and financial targets are met.

☆ Musk says he made some Tesla decisions without board nod, defends $56 billion pay
▼ + stars: | 2022-11-16 | by ( Tom Hals | Hyunjoo Jin | ) www.reuters.com time to read: +5 min

WILMINGTON, Del (Reuters) -Elon Musk said in court on Wednesday that he made some Tesla Inc decisions without the approval of the company’s directors, as he defended his $56 billion pay package against claims that he dictated its terms to a compliant board. Questioned by Tornetta’s lawyer, Greg Varallo, Musk rejected claims that his pay package goals were easy to achieve. An email from May 2017 appeared to establish that Musk was pushing for the pay plan months before the board negotiated it with him. Antonio Gracias, a venture capital investor and longtime friend of Musk who was also a Tesla board member from 2007 to 2021, took the stand after Musk testified. The disputed Tesla package allows Musk to buy 1% of Tesla’s stock at a deep discount each time escalating performance and financial targets are met.

☆ Elon Musk suggested a potential successor for Tesla CEO in recent months, board director says
▼ + stars: | 2022-11-16 | by ( Grace Kay | ) www.businessinsider.com time to read: +3 min

James Murdoch testified that Elon Musk identified a potential successor for the role of Tesla CEO. Murdoch, a Tesla board director, made the comment during a trial over Tesla's pay package for Musk. He did not specify who Musk had suggested, but said Musk had identified them in the last few months. Murdoch did not give any indication as to who the successor Musk had suggested might have been. Musk is facing a lawsuit from Tesla shareholder Richard Tornetta over his $50 billion Tesla compensation package.

Tesla shareholder Richard Tornetta sued Musk and the board in 2018 and hopes to prove that Musk used his dominance over the electric vehicle maker's board to dictate terms of the package, which did not require him to work at Tesla full-time. In one clip, Musk dismissed the idea that the board should have discussed requiring that he spend more time with Tesla. He apologized from the stand to a British diver who he called "pedo guy" in a tweet and who sued Musk for defamation. The disputed Tesla package allows Musk to buy 1% of Tesla's stock at a deep discount each time escalating performance and financial targets are met. The Musk case survived a motion to dismiss because it was determined he might be considered a controlling shareholder, which means stricter rules apply.

☆ Questions about Elon Musk's Twitter takeover bleed into his pay-package trial, annoying Musk: 'Are we in the Tesla trial or Twitter trial?'
▼ + stars: | 2022-11-16 | by ( Grace Kay | ) www.businessinsider.com time to read: +4 min

The billionaire was sued by a shareholder over his $50 billion Tesla compensation package. Musk appeared annoyed with questioning and asked, "Are we in the Tesla trial or Twitter trial?" "Are we in the Tesla trial or Twitter trial? "We're in cross examination in an interesting case Mr. Musk," Varallo said. Musk is facing a lawsuit from Tesla shareholder Richard Tornetta over his $50 billion Tesla compensation package.

☆ 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.

☆ Elon Musk’s Tesla Compensation Trial in Delaware Court Set to Kick Off
▼ + stars: | 2022-11-14 | by ( Rebecca Elliott | ) www.wsj.com time to read: 1 min

Elon Musk doesn’t accept a salary from Tesla, instead being compensated in stock options that vest based on Tesla’s valuation and achievement of other milestones. The trial over Elon Musk‘s multibillion-dollar pay package at Tesla Inc. is due to kick off Monday morning in Delaware’s business-law court. A Tesla shareholder, Richard Tornetta , is seeking to nullify Mr. Musk’s 2018 compensation grant, valued at around $52 billion at recent share prices. The plaintiff is alleging that the board at the time failed to disclose crucial information about the package to shareholders, who signed off on it.

☆ Elon Musk’s Influence Over Tesla’s Board in Focus as Tesla Compensation Trial Kicks Off
▼ + stars: | 2022-11-14 | by ( Rebecca Elliott | Meghan Bobrowsky | ) www.wsj.com time to read: 1 min

WILMINGTON, Del.—Opening-day testimony in the trial over Elon Musk‘s multibillion-dollar pay package at Tesla Inc. centered on the CEO’s role in determining his own compensation. 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. The package is worth around $51 billion at recent share prices.

☆ Elon Musk’s Tesla Compensation Trial in Delaware Court Kicks Off
▼ + stars: | 2022-11-14 | by ( Rebecca Elliott | Meghan Bobrowsky | ) www.wsj.com time to read: 1 min

WILMINGTON, Del.—The trial over Elon Musk‘s multibillion-dollar pay package at Tesla Inc. kicked off Monday morning in Delaware’s business-law court. A Tesla shareholder, Richard Tornetta , is seeking to nullify Mr. Musk’s 2018 compensation grant, valued at around $52 billion at recent share prices. The plaintiff is alleging that the board at the time failed to disclose crucial information about the package to shareholders, who signed off on it.

☆ Tesla heads to court to defend Elon Musk’s pay
▼ + stars: | 2022-11-14 | by ( Matt Mcfarland | ) edition.cnn.com time to read: +9 min

Washington, DC CNN —Tesla headed to court today to defend the huge compensation package that helped make CEO Elon Musk the richest person on Earth. Even in the rarified air of CEO pay, Musk’s compensation plan stood apart. The Tornetta complaint alleges that the board of directors that created Musk’s compensation plan lacked sufficient independence from him. “This is a huge package,” Hayn said of the compensation plan. Tesla leadershipHayn noted that Musk’s close relationships with the board members could be problematic for Tesla in the case.

They argued the pay package did what it aimed to do -- ensure the entrepreneur successfully guided Tesla through a critical period which helped drive the stock 10-fold higher. The Tesla shareholder lawsuit argues that the pay package should have required Musk to work full time at Tesla. In all, 19 witnesses are scheduled, including directors and executives from 2018, compensation experts and advisors who helped craft the pay package. Tesla has hit 11 of the 12 targets as its value ballooned briefly to more than $1 trillion from $50 billion, according to court papers. A decision will likely take around three months after the trial and could be appealed to the Delaware Supreme Court.

☆ Elon Musk's trial over his $50 billion pay package at Tesla kicks off today, and the same judge from his Twitter court battle is overseeing the case
▼ + stars: | 2022-11-14 | by ( Grace Kay | ) www.businessinsider.com time to read: +4 min

Elon Musk's five-day trial in Delaware over his $50 billion Tesla pay package began Monday. A Tesla shareholder has sued Musk and the automaker, alleging his pay plan is unreasonable. Richard Tornetta, the "Dawn of Correction" heavy metal drummer and a Tesla shareholder, sued Tesla and Musk after the compensation plan was instituted in 2018. The company has since surpassed the metrics as its market value surged from $53 billion to over $690 billion, Musk's lawyers said in the court filing. The result of the five-day trial could impact not only Musk's pay package, but his other companies as well, Anat Alon-Beck, assistant professor of law at Case Western Reserve University, told Insider.

☆ Elon Musk heads to court over Tesla pay that made him the world’s richest person
▼ + stars: | 2022-11-13 | by ( Matt Mcfarland | ) edition.cnn.com time to read: +8 min

Washington, DC CNN —Tesla and CEO Elon Musk will spend this week in court to defend the massive compensation package that helped make him the world’s richest man. The week-long trial in Delaware Court of Chancery will examine the 2018 compensation plan that the automaker’s board of directors created for Musk. Even in the rarified air of CEO pay, Musk’s compensation plan stood apart. The Tornetta complaint alleges that the board of directors that created Musk’s compensation plan lacked sufficient independence from him. “This is a huge package,” Hayn said of the compensation plan.

WILMINGTON, Del, Nov 11 (Reuters) - Elon Musk has taken on Detroit's automakers, short-sellers and securities regulators. Next week, the Tesla (TSLA.O) chief executive is set to square off in court against an unlikely foe - a thrash metal drummer who hopes to strip Musk of his $56 billion pay. Tornetta sued Musk and the Tesla board on behalf of the company in what is known as a shareholder derivative lawsuit. The pay package was widely criticized and California's teachers retirement system known as CalSTRS was among the investors who voted against it. 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.

[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.

☆ Elon Musk's lawyers say his $50 billion Tesla pay package is justified because he's 'not the typical CEO' as a November trial approaches
▼ + stars: | 2022-10-27 | by ( Grace Kay | ) www.businessinsider.com time to read: +4 min

Elon Musk's lawyers say the billionaire's over $50 billion Tesla compensation plan is justified. Musk faces a trial in November over a lawsuit from an investor regarding his 2018 pay package. The pay plan is structured around Tesla's performance goals and includes over 100 million stock options. The company has since surpassed the metrics as its market value surged from $53 billion to over $690 billion, Musk's lawyers said in the court filing. McCormick presiding over the case — the same judge that has overseen Musk's court battle with Twitter.

Search resuls for: "Richard Tornetta"

16 mentions found