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Elon Musk's Pay Trial To Decide If Tesla's Growth Justifies $56 Billion Salary
Elon Musk's pay trial asks if Tesla's growth justifies $56 billion compensation After five days of testimony, including three hours from Elon Musk, a Delaware judge will now decide whether Musk's $56 billion pay package from Tesla Inc was justified by the company's explosive growth or undermined by a flawed process. "We thought if we could pull this off, if this plan was executed, Tesla would be one of the most valuable technology companies," Antonio Gracias, a Tesla board member from 2007 to 2021, told the Delaware Court of Chancery on Wednesday. " It was a great deal for the shareholders." The amount of pain, no words can express," Musk testified on Wednesday. The package allows Musk to buy 1% of Tesla's stock at a deep discount each time escalating performance and financial targets are met. But evidence of extracting concessions was limited to the best method for accounting for the stock grants and a requirement that Musk had to hold his stock for five years. Source - NDTV
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