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Musk's $50 billion salary is too high? Lawyer: He is no ordinary CEO
Musk's lawyers argued that Tesla decided to award Musk more than $50 billion in "compensation packages" mainly because Musk asked Tesla to estimate The value has skyrocketed and no one else can.
Tesla investor Richard Tornetta took Musk to court over the overpayment, arguing that Musk and Tesla breached their fiduciary duties and awarded Musk more than was reasonable.
Musk's lawyer pointed out: "The 2018 compensation plan was designed with Musk in mind. The plan is designed and approved by the board of directors, and it is not a general compensation plan to compensate ordinary executives in charge of the day-to-day operations of mature companies, because Musk does not Not your average CEO."
The document also said that paying Musk a high salary is mainly to hope that he will focus on Tesla, which is equivalent to a high-return venture capital investment in Musk. Tesla dismissed Maas as an important asset, as it was uncertain whether the company would survive.
Richard Tornetta sees a conflict of interest in Musk's own compensation package.
Musk's lawyer explained that Musk was involved in almost every aspect of Tesla's operations, from strategic direction to product design. Under Musk's guidance, Tesla has transformed itself from a maker of high-end electric sports cars to more than just a car company, and the board believes that investing in Musk could reap huge returns for shareholders.
Musk doesn't get paid when he works at Tesla. His salary is an option, and he takes it according to performance. The better the performance, the more he can get. Musk’s lawyers said Tesla’s market value rose from $53 billion to $690 billion. The lawyers also said that Richard Tornetta owns Tesla shares, which have risen 10-fold since the compensation package was instituted in 2018.
Musk is now the world's richest man, worth about $211 billion, and most of his wealth is tied to Tesla stock.
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