Elon Musk’s $56 billion (roughly Rs. 4,590 crore) pay is set to go to trial on November 14, as the world’s richest man attempts to overhaul the most widely used microblogging service after the takeover deal. The billionaire is facing a Tesla shareholder’s lawsuit that seeks to rescind his 2018 pay deal, that claims the board set easy targets for Musk and the pay package was created to fund his dream to colonise Mars.
As Elon Musk is engulfed in his overhaul of Twitter, the entrepreneur is headed to trial to defend his record $56 billionn (roughly Rs. 4,590 crore) Tesla pay package against claims it unjustly enriches him without requiring his full-time presence at the carmaker.
A Tesla shareholder is seeking to rescind [Musk’s}(https://www.gadgets360.com/tags/musk) 2018 pay deal, claiming the board set easy performance targets and that Musk created the package to fund his dream of colonizing Mars.
Tesla has countered that the package delivered an extraordinary 10-fold increase in value to shareholders.
The trial begins November 14 and will be decided by Kathaleen McCormick on Delaware’s Court of Chancery. She oversaw Twitter’s lawsuit against Musk that ended last month when he agreed to close his $44-billion (roughly Rs. 36,040) deal for Twitter, an acquisition which he financed largely with his Tesla stock.
„If Musk loses this pay package in some massive way, I think we can expect to see a lot of things that are going to be really hard to predict, like what happens going forward in terms of how Tesla is run and how Twitter is paid for,“ said Ann Lipton, a professor at Tulane Law School.
