Elon Musk defends $56 billion pay package in court: report

Elon Musk on Wednesday defended his $56 billion salary package in a court in Wilmington, Delaware, according to reports.

Musk spoke earlier today and was questioned by attorney Greg Varallo, who represents the Tesla shareholder who claims Musk’s compensation was obtained through his domination of the company and does not not require full-time work at the vehicle manufacturing plant, Reuters reported.

SpaceX owner and Tesla CEO Elon Musk speaks in Los Angeles, California, U.S. June 13, 2019. (Reuters/Mike Blake/Reuters Photos)

Musk said things like “I work most of the time” and “I don’t know what a parking meter would accomplish” because he disagreed that he should spend a certain amount of time. number of hours to work to get paid.

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He also dismissed claims as Varallo vetted him that the goals associated with earning his high salary were easily achievable.

β€œThe amount of pain, no words can express,” Musk said. “It’s a pain I wouldn’t want to inflict on anyone.”

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Tesla co-founder and CEO Elon Musk stands in front of Tesla’s all-new battery-powered electric Cybertruck at the Tesla Design Center in Hawthorne, California on November 21, 2019. (Frederic J. Brown/AFP via Getty Images/Getty Images)

Chancellor Kathaleen McCormick is the judge overseeing the trial. It was the same judge who forced Musk to buy Twitter for $44 billion when he tried to renege on his deal to buy the social media platform.

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Varallo told the court that his client wanted the court to oppose Musk’s salary package, which was “$20 billion greater than the annual gross domestic product of the state of Delaware.”

But for Musk to get some of that money, the company needs to meet a set of goals that have boosted Tesla’s stock value from $50 billion to more than $600 billion.

Elon Musk

Elon Musk, CEO of Tesla (Reuters/Michele Tantussi/Reuters Photos)

Varallo also tried to prove that Musk set the salary package for himself from the start, despite arguments it was crafted with input from shareholders and independent board members.

When Musk left the podium, a friend of his and venture capitalist named Antonia Gracias followed in his place.

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During Gracias’ testimony, it was revealed that Musk could buy 1% of Tesla stock at a “heavily discounted” rate whenever financial goals were met. If the objectives are not achieved, he does not receive a penny.

On a motion to dismiss the case, the court decided to pursue it because Musk could be a majority shareholder of Tesla.

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