Testimony is under way in a shareholder lawsuit challenging approval by Tesla’s board of directors of a compensation plan potentially worth more than $55 billion for CEO Elon Musk. elonmusk kprc2 click2houston tesla
Elon Musk arrives at Baron Investment Conference at the Metropolitan Opera House, Nov. 4, 2022, in New York. Attorneys packed a Delaware courtroom Monday, Nov. 14, 2022 as testimony began in a shareholder lawsuit challenging approval by Teslas board of directors of a compensation plan potentially worth more than $55 billion for CEO Elon Musk.
The first witness called to testify was Ira Ehrenpreis, a prominent venture capitalist and longtime friend of Musk who chaired Tesla’s compensation committee when the grant was formulated. To date, Tesla has achieved all 12 of the market capitalization milestones and 11 operational milestones, resulting in the vesting of 11 of the grant’s 12 tranches and providing Musk over $52.4B in stock option gains, according to the lawsuit. Since the grant was awarded, Tesla’s market capitalization has increased from $53 billion to more than $690 billion, having briefly hit $1 trillion early this year.
Ehrenpreis testified that much of Tesla’s success has been the result of Musk’s leadership, which he said combined bold vision with “a maniacal focus on execution.Under questioning from defense attorney Evan Chesler, Ehrenpreis described the nearly yearlong process under which he and other directors discussed and developed the compensation plan with the help of legal advisers and independent consultants, and input from major institutional investors.
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