Elon Musk's trial over his $50 billion pay package at Tesla kicks off today, and the same judge from his Twitter court battle is overseeing the case
Tesla and Musk after the compensation plan was instituted in 2018. The case was sent to trial earlier this year.
"He has been instrumental in transforming Tesla from a high-end electric sports car manufacturer to far more than just a car company," Tesla said in a pretrial filing."The Board understood that an investment in Musk could reap massive rewards for Tesla's stockholders." When each milestone is passed, Musk gets stock equal to 1% of outstanding shares at the time of the grant. The company has since surpassed the metrics as its market value surged from $53 billion to over $690 billion, Musk's lawyers said in the court filing.Bloomberg Billionaire Index.Tesla shareholders have also benefited from the surge in stock. Tesla shares have soared over 1,000% to date since the billionaire's compensation plan was established in 2018.
Alon-Beck also noted the trial will hinge on whether Tesla can prove the company's board was properly informed and followed"paper and process" when approving the compensation plan.
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