How Elon Musk scored a US$55bil pay package that’s now under fire


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.

Subscribe or renew your subscriptions to win prizes worth up to RM68,000!

Monthly Plan

RM13.90/month

Annual Plan

RM12.33/month

Billed as RM148.00/year

1 month

Free Trial

For new subscribers only


Cancel anytime. No ads. Auto-renewal. Unlimited access to the web and app. Personalised features. Members rewards.
Follow us on our official WhatsApp channel for breaking news alerts and key updates!

Elon Musk

   

Next In Tech News

Sirius XM found liable in New York lawsuit over subscription cancellations
US Supreme Court tosses case involving securities fraud suit against Facebook
Amazon doubles down on AI startup Anthropic with $4 billion investment
Factbox-Who are bankrupt Northvolt's creditors?
UK should use new powers to probe Apple-Google mobile browser duopoly, report says
EU regulators scrap probe into Apple's e-book rules after complaint was withdrawn
Hyundai recalls over 145,000 electrified US vehicles on loss of drive power
'World of Warcraft' still going strong as it celebrates 20 years
Northvolt CEO steps down, saying group needs up to $1.2 billion
Bitcoin at record highs, sets sights on $100,000

Others Also Read