Tesla is gonna undergo twin trials this week. One’s filed against Musk dated back to 2018. A lawsuit filed against his ridiculously mega package of $55.8 billions in annual compensation from Tesla. The opposite one’s not implicitly a Tesla trial, nonetheless very much related. A Tesla owner will undergo trial for manslaughter, a case that may be a very unique legal test for the responsibility of humans on a tech assisted vehicle. This coupled with the chaos at Twitter pose a trilemma for Elon Musk, who has virtually turn out to be a bot, burning midnight oil with the remaining of the tweeps. The Twitter employees in any case haven’t any alternative than to comply. Or lose their jobs. Meanwhile, the Tesla package trial has begun this Monday at the identical court where Twitter takeover trails were concluded. Earlier he could avoid matters spilling out of hand, by reluctantly agreeing to take over Twitter. Not so anymore. Musk will stand trial at Delaware court for the whopping compensation package his Tesla board created for him. Satirically the plan was approved by Tesla shareholders. So what transpired? Read on.
A weeklong trial opened in Delaware with a Tesla director and a former executive defending Elon Musk’s $56 billion pay package against shareholder Richard Tornetta’s claims that the CEO duped investors into approving it https://t.co/Y7HjNyMSzb pic.twitter.com/mNWsZxOAkv
— Reuters (@Reuters) November 15, 2022
The $55.8 billion compensation approved by the Tesla shareholders and board was pegged on various milestones of the corporate for the subsequent 10 years. One in every of the milestones was the corporate’s valuation to hit $650 billion. That’s 10x greater than Tesla’s 2018 valuation of $59 billion. Anyhow, the shareholders had approved the package to be delivered in 12 tranches. The present trail’s focus is whether or not or not Elon Musk works full-time at Tesla to deserve the compensation. Tesla shareholder Richard Tornetta hopes that the compensation will probably be rescinded. Tesla’s chair Robyn Denholm and its former CFO Deepak Ahuja are set to testify.
All eyes are on Chancellor Katheleen McCormick of Delaware’s Court of Chancery. McCormick oversaw the lawsuit filed by Twitter and the counter suit filed by Elon Musk, last month over Twitter takeover.
See Also: Elon Musk To Face Yet One other Trial; For His $56 Billion Paycheck – The Largest In Human History