{"id":511241,"date":"2022-11-16T20:19:01","date_gmt":"2022-11-16T17:19:01","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/elon-musk-cites-focus-on-reviving-tesla-defends-56b-pay\/"},"modified":"2022-11-16T20:19:01","modified_gmt":"2022-11-16T17:19:01","slug":"elon-musk-cites-focus-on-reviving-tesla-defends-56b-pay","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/elon-musk-cites-focus-on-reviving-tesla-defends-56b-pay\/","title":{"rendered":"#Elon Musk cites focus on reviving Tesla, defends $56B pay"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a23a397628ec\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a23a397628ec\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/elon-musk-cites-focus-on-reviving-tesla-defends-56b-pay\/#%E2%80%9CElon_Musk_cites_focus_on_reviving_Tesla_defends_56B_pay%E2%80%9D\" >&#8220;Elon Musk cites focus on reviving Tesla, defends $56B pay&#8221;<\/a><ul class='ez-toc-list-level-2' ><li class='ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/elon-musk-cites-focus-on-reviving-tesla-defends-56b-pay\/#Fix_problems\" >Fix problems<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9CElon_Musk_cites_focus_on_reviving_Tesla_defends_56B_pay%E2%80%9D\"><\/span>&#8220;Elon Musk cites focus on reviving Tesla, defends $56B pay&#8221;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<div>\n<aside class=\"single__inline-module alignleft\">\n        <\/aside>\n<p>Elon\u00a0Musk\u00a0said he was completely focused on Tesla\u00a0in 2017 when the electric car maker was in \u201ccrisis,\u201d as he testified in a Delaware court on Wednesday to rebut claims that his $56 billion pay package was based on easy performance targets and <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>roved by a compliant board of directors.<\/p>\n<p>Tesla shareholder Richard Tornetta sued\u00a0Musk\u00a0and the board in 2018 and hopes to prove that\u00a0Musk\u00a0used his dominance over Tesla\u2019s board to dictate terms of the package, which did not require him to work at Tesla full-time.<\/p>\n<p>Musk, the world\u2019s richest person, in a Delaware courtroom described how the automaker was struggling to survive in 2017, when the pay package was developed.<\/p>\n<p>\u201cI was entirely focused on the execution of the company,\u201d\u00a0Musk\u00a0said when questioned about Tesla by his attorney Evan Chesler, adding that he did not dictate the terms of the pay plan.<\/p>\n<p>He also said he not would accept a pay plan that required him to punch a clock or commit certain hours to Tesla. \u201cI pretty much work all the time,\u201d he said. \u201cI don\u2019t know what a punch clock would achieve.\u201d<\/p>\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"682\" src=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/11\/elon-musk-court.jpg?w=1024\" alt=\"Courtroom sketch of Tesla CEO Elon Musk.\" class=\"wp-image-24678633\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/11\/elon-musk-court.jpg?quality=75&amp;strip=all&amp;w=1535 1536w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/11\/elon-musk-court.jpg?quality=75&amp;strip=all 1024w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/11\/elon-musk-court.jpg?quality=75&amp;strip=all&amp;w=512 512w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\"\/><figcaption>Elon Musk shown testifying Wednesday in this courtroom sketch.<\/figcaption><figcaption><span class=\"credit\">AP<\/span><\/figcaption><\/figure>\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" loading=\"lazy\" width=\"1024\" height=\"682\" src=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/11\/musk-tesla-lawsuit.jpg?w=1024\" alt=\"Document boxes including some with Elon Musk's name printed on them are taken into the Leonard L. Williams Justice Center in Wilmington, Del.\" class=\"wp-image-24674695\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/11\/musk-tesla-lawsuit.jpg?quality=75&amp;strip=all&amp;w=1535 1536w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/11\/musk-tesla-lawsuit.jpg?quality=75&amp;strip=all 1024w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/11\/musk-tesla-lawsuit.jpg?quality=75&amp;strip=all&amp;w=512 512w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\"\/><figcaption>Document boxes including some with Musk\u2019s name printed on them are taken into the Leonard L. Williams Justice Center in Wilmington, Del.<\/figcaption><figcaption><span class=\"credit\">AP<\/span><\/figcaption><\/figure>\n<p>The five-day trial before Chancellor Kathaleen McCormick comes as he is struggling to oversee a\u00a0chaotic overhaul\u00a0of Twitter, the <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">social media<\/a> platform he was forced to buy for $44 billion in a separate legal battle before the same judge after trying to back out of that deal.<\/p>\n<p>Musk, who arrived in a black Tesla and was led into the courtroom via a separate entrance due to safety concerns, completed his testimony on Wednesday in just under three hours. He was followed on the stand by Antonio Gracias, a Tesla board member from 2007 to 2021.<\/p>\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" loading=\"lazy\" width=\"1024\" height=\"682\" src=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/11\/elon-musk-trial.jpg?w=1024\" alt=\"Tesla CEO Elon Musk arrives to testify on Wednesday.\" class=\"wp-image-24674581\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/11\/elon-musk-trial.jpg?quality=75&amp;strip=all&amp;w=1535 1536w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/11\/elon-musk-trial.jpg?quality=75&amp;strip=all 1024w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/11\/elon-musk-trial.jpg?quality=75&amp;strip=all&amp;w=512 512w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\"\/><figcaption>Musk arrives to testify on Wednesday.<\/figcaption><figcaption><span class=\"credit\">AFP via Getty Images<\/span><\/figcaption><\/figure>\n<p>The billionaire testified that he focuses his attention where it is needed most, which in 2017 was Tesla.<\/p>\n<p>\u201cSo in times of crisis, allocation changes to where the crisis is,\u201d said\u00a0Musk.<\/p>\n<p>Musk\u00a0has a history of\u00a0<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.nasdaq.com\/articles\/twitter-to-interview-elon-musk-known-for-combative-testimony-0\">combative testimony<\/a>\u00a0and often appears disdainful of lawyers who ask probing questions. He has called opposing attorneys \u201creprehensible,\u201d questioned their happiness and accused them of \u201cextortion.\u201d<\/p>\n<aside class=\"single__inline-module alignright\">\n    <\/aside>\n<p>Musk\u00a0appeared more restrained in Wednesday\u2019s proceedings, although he chafed at the probing questions.<\/p>\n<p>At one point,\u00a0Musk\u00a0told the plaintiff lawyer, \u201cyour question is a complex question that is commonly used to mislead people.\u201d<\/p>\n<p>He acknowledged he wasn\u2019t a lawyer but added \u201cwhen you\u2019re in enough lawsuits you pick up a few things.\u201d<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Fix_problems\"><\/span>Fix problems<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Musk\u00a0tweeted this week that he was remaining at Twitter\u2019s San Francisco headquarters around the clock until he fixed that company\u2019s problems and said on Wednesday he had come on an overnight flight from the social media company.<\/p>\n<p>Tornetta has asked the court\u00a0to rescind the 2018 package, which his attorney Greg Varallo said was $20 billion larger than the annual gross domestic product of the state of Delaware.<\/p>\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" loading=\"lazy\" width=\"1024\" height=\"682\" src=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/11\/musk-tesla-pay.jpg?w=1024\" alt=\"Tesla CEO Elon Musk\" class=\"wp-image-24674918\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/11\/musk-tesla-pay.jpg?quality=75&amp;strip=all&amp;w=1535 1536w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/11\/musk-tesla-pay.jpg?quality=75&amp;strip=all 1024w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/11\/musk-tesla-pay.jpg?quality=75&amp;strip=all&amp;w=512 512w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\"\/><figcaption>Musk\u2019s testimony comes as he is struggling to oversee a chaotic overhaul of Twitter.<\/figcaption><figcaption><span class=\"credit\">REUTERS<\/span><\/figcaption><\/figure>\n<p>The legal team for\u00a0Musk\u00a0and the Tesla directors have cast the pay package as a set of audacious goals that worked by driving 10-fold growth in Tesla\u2019s stock value, to more than $600 billion from around $50 billion.<\/p>\n<p>They have argued the plan was developed by independent board members, advised by outside professionals and with input from large shareholders.<\/p>\n<p>The disputed Tesla package allows\u00a0Musk\u00a0to buy 1% of Tesla\u2019s stock at a deep discount each time escalating performance and financial targets are met. Otherwise,\u00a0Musk\u00a0gets nothing.<\/p>\n<p>Tesla has hit 11 of the 12 targets, according to court papers.<\/p>\n<p>Shareholders <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/general\/\" data-internallinksmanager029f6b8e52c=\"3\" title=\"General\" target=\"_blank\" rel=\"noopener\">general<\/a>ly cannot challenge executive compensation because courts typically defer to the judgment of directors. The\u00a0Musk\u00a0case survived a motion to dismiss because it was determined he might be considered a controlling shareholder, which means stricter rules apply.<\/p>\n<p>\u201cThere is no case in which a 21.9% shareholder who is also the chief executive has received a structured payout plan of this magnitude,\u201d Lawrence Cunningham, a corporate law professor at George Washington University, said of the lack of precedent.\n                        <\/p><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/news\/\" target=\"_blank\" rel=\"noopener\">News category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/nypost.com\/2022\/11\/16\/elon-musk-cites-focus-on-reviving-tesla-defends-56b-pay\/\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;Elon Musk cites focus on reviving Tesla, defends $56B pay&#8221; Elon\u00a0Musk\u00a0said he was completely focused on Tesla\u00a0in 2017 when the electric car maker was in \u201ccrisis,\u201d as he testified in a Delaware court on Wednesday to rebut claims that his $56 billion pay package was based on easy performance targets and approved by a compliant&#8230;<\/p>\n","protected":false},"author":1,"featured_media":511242,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/11\/elon-musk-court.jpg?quality=75&strip=all&w=1024","fifu_image_alt":"","footnotes":""},"categories":[70897],"tags":[135628,11154,39394,70446,80629,36402],"class_list":["post-511241","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-11-16-22","tag-ceos","tag-elon-musk","tag-lawsuits","tag-salaries","tag-tesla"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/511241","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=511241"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/511241\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/511242"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=511241"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=511241"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=511241"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}