In this courtroom sketch, venture capitalist Ira Ehrenpreis, left, is cross examined by attorney Gregory Varallo, standing at right, as testimony started in Wilmington, Delaware, on Monday, Nov 14, 2022, in a shareholder lawsuit challenging approval by Tesla's board of a compensation plan potentially worth more than US$55bil for CEO Elon Musk. Chief Judge Kathaleen McCormick, center, presided. — Elizabeth Williams via AP
A Silicon Valley venture capitalist who served on Tesla Inc’s board testified that the largest executive-pay package in US corporate history was necessary to keep Elon Musk “engaged” in the electric carmaker he founded.
Taking the stand on Nov 14 as the first witness in a trial over the propriety of paying Musk some US$55bil (RM252.31bil), Ira Ehrenpreis said the Tesla board recognised in 2017 that the chief executive officer was a “serial entrepreneur” and wanted to make sure he didn’t leave the company to pursue other interests.
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