Musk got $82 billion pay deal to ensure his ‘tenacity’ for Tesla, chair says
By Randall Chase and Jef Feeley November 16, 2022
https://www.bloomberg.com/news/arti...nacity-for-tesla-chair-says?srnd=premium-asia
Tesla Chairwoman Robyn Denholm told a Delaware judge the electric carmaker got good value by agreeing to pay Elon Musk about $US55 billion ($82 billion) to be its CEO, even though he was splitting time on ventures like building a colony on Mars or selling perfume and flamethrowers.
Musk, the world’s richest person, had the “vision and tenacity” to turn Tesla from a start-up into one of the world’s most-valuable companies, the Australian tech executive testified on Tuesday during the second day of trial over a lawsuit by a Tesla investor who claims the compensation was excessive. Denholm said she was less concerned about how much time Musk would commit to the company than in the results he could bring.
“We didn’t talk about time,” Robyn Denholm said when asked about her discussions with Musk about the compensation plan, which didn’t include any requirement on how much time he would devote to the company, as opposed to his other business ventures.
Tesla chair Robyn Denholm has defended the lavish pay packet for billionaire Elon Musk.Credit:Alex Ellinghausen
“He was focused on achieving results, not on any quantum of time he would need to spend,” Denholm said. She added that she doesn’t know how many hours Musk — who last month took over Twitter after paying $US44 billion for the social media platform — devotes to Tesla.
By Randall Chase and Jef Feeley November 16, 2022
https://www.bloomberg.com/news/arti...nacity-for-tesla-chair-says?srnd=premium-asia
Tesla Chairwoman Robyn Denholm told a Delaware judge the electric carmaker got good value by agreeing to pay Elon Musk about $US55 billion ($82 billion) to be its CEO, even though he was splitting time on ventures like building a colony on Mars or selling perfume and flamethrowers.
Musk, the world’s richest person, had the “vision and tenacity” to turn Tesla from a start-up into one of the world’s most-valuable companies, the Australian tech executive testified on Tuesday during the second day of trial over a lawsuit by a Tesla investor who claims the compensation was excessive. Denholm said she was less concerned about how much time Musk would commit to the company than in the results he could bring.
“We didn’t talk about time,” Robyn Denholm said when asked about her discussions with Musk about the compensation plan, which didn’t include any requirement on how much time he would devote to the company, as opposed to his other business ventures.
Tesla chair Robyn Denholm has defended the lavish pay packet for billionaire Elon Musk.Credit:Alex Ellinghausen
“He was focused on achieving results, not on any quantum of time he would need to spend,” Denholm said. She added that she doesn’t know how many hours Musk — who last month took over Twitter after paying $US44 billion for the social media platform — devotes to Tesla.
