Musk Got $55 Billion Pay Deal to Ensure His 'Tenacity' for Tesla, Chair Says
(Bloomberg) -- Tesla Inc. Chairwoman Robyn Denholm told a Delaware judge the electric car maker got good value by agreeing to pay Elon Musk about $55 billion to be its CEO, even though he was splitting time on ventures like building a colony on Mars or selling perfume and flamethrowers.
Musk, the world’s richest person, had the “vision and tenacity” to turn Tesla from a start-up into one of the world’s most-valuable companies, Denholm testified Tuesday during the second day of trial over a lawsuit by a Tesla investor who claims the compensation was excessive.
“My view is that his focus and attention is important,” said Denholm, a Tesla director since 2014. “The time is not as important to me. It’s the results he’s able to drive. I’m not concerned about the amount of time that he spends. He will do whatever he needs to do to achieve a result.”
Tesla investor Richard Tornetta -- who owns nine shares of the company -- claims the board failed to exercise independence from Musk as it drew up a new pay package in 2018 for its chief executive officer. Tornetta said the board lavished the world’s largest compensation plan on a part-time leader.
https://www.msn.com/en-us/money/companies/musk-got-55-billion-pay-deal-to-ensure-his-tenacity-for-tesla-chair-says/ar-AA149i32
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