Elon Musk is being sued over his gigantic Tesla pay package. Here’s what’s at stake
Tesla shareholders argue that the CEO is being paid too much at a time when his attention is increasingly focused on outside ventures.
Elon Musk took the stand on Wednesday in a shareholder lawsuit that seeks to nullify the 2018 pay package he received as Tesla’s CEO—then and now, the world’s most lucrative such contract. The class-action suit argues that Tesla’s board of directors were unduly influenced by Musk, and failed to disclose crucial information about this deal to the shareholders, who then approved it. If Musk were to lose the case, it would undo around $50 billion in compensation, meaning he’d have to return more than a quarter of his current estimated net worth.
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