PanaTimes

Sunday, Mar 26, 2023

Questions about Elon Musk's Twitter takeover bleed into his pay-package trial, annoying Musk: 'Are we in the Tesla trial or Twitter trial?'

Questions about Elon Musk's Twitter takeover bleed into his pay-package trial, annoying Musk: 'Are we in the Tesla trial or Twitter trial?'

Elon Musk faced several questions about his Twitter takeover during his testimony on Wednesday. The billionaire was sued by a shareholder over his $50 billion Tesla compensation package. Musk appeared annoyed with questioning and asked, "Are we in the Tesla trial or Twitter trial?"
Even during a Tesla compensation trial, Elon Musk couldn't escape questions about Twitter.

Musk was peppered with questions about his Twitter acquisition, as well as his persona on the platform, throughout his testimony Wednesday in a Delaware court regarding his $50 billion Tesla pay package.

"Are we in the Tesla trial or Twitter trial? I'm confused," Musk said to lawyer Greg Varallo of Bernstein Litowitz Berger & Grossman, after Varallo asked him a series of questions around his role as "Chief Twit."

"We're in cross examination in an interesting case Mr. Musk," Varallo said. "So when your lawyer wants to make an objection, he has the right to do it. Sadly, you don't, but I suspect he will if he doesn't like the question."

Musk is facing a lawsuit from Tesla shareholder Richard Tornetta over his $50 billion Tesla compensation package. In the lawsuit, Tornetta argues that Musk and the automaker breached their fiduciary duties by awarding Musk a pay package that was "beyond the bounds of reasonable judgment." Tesla has argued that the package was justified because no one else could have made the electric-car maker's value soar the way that Musk has.

Until recently, Musk was also facing a lawsuit from Twitter over his attempts to avoid his committement to buy the social platform for $44 billion.

During Musk's Wednesday testimony, which lasted over two hours, Varallo questioned Musk about his role at Twitter, including his recent comment saying he plans to sleep at Twitter's headquarters until the company "is fixed." The billionaire said he plans to eventually bring in someone else to run Twitter and said he would be finished reorganizing the company by the end of the week.

"There's an initial burst of activity needed post acquisition to reorganize the company, but then I will reduce my time [committement] to Twitter to find somebody else to run Twitter over time," Musk said.

The billionaire also said that while he had brought in dozens of Tesla engineers to review Twitter's code, it was after work hours and on a voluntary basis. Experts previously told Insider that Musk's use of Tesla engineers at Twitter could be another cause for shareholder litigation.

"[It was] like if you could help me evaluate Twitter engineering that would be that would be appreciated," Musk said.

Throughout the trial, Tornetta's lawyers have argued that Tesla's pay package has allowed the billionaire to turn his focus to other companies, including Twitter.

The Tesla CEO has faced his fair share of lawsuits and is known for giving combative testimonies.

At several points, Musk said the lawyer's questions were designed to "mislead people."

"Are you trained as a lawyer?" Varallo asked at one point, after Musk said he had agreed to a settlement with the Securities and Exchange Commission "under duress," which he had deemed "not valid as a foundation of law."

"I have some familiarity with the legal system," Musk joked. "If you're in enough lawsuits you pick up a few things along the way."

Musk is one of 19 witnesses that will take the stand over the course of the week, including executives who worked at Tesla in 2018, advisors that helped create the pay package, and compensation experts. Tesla has argued that Musk's 2018 pay plan, which involves a 10-year grant of 12 tranches of stock options that are vested when Tesla hits certain targets, was necessary to the carmaker's success. Tesla shares have soared over 1,000% to date since the billionaire's compensation plan was established in 2018.
Newsletter

Related Articles

PanaTimes
Close
0:00
0:00
Powell: Silicon Valley Bank was an 'outlier'
Bordeaux town hall set on fire in France pro democracy protest
Police violence in Paris
Donald Trump arrested – Twitter goes wild with doctored pictures
NYPD is setting up barricades outside Manhattan Criminal Court ahead of Trump arrest.
Credit Suisse's Scandalous History Resulted in an Obvious Collapse - It's time for regulators who fail to do their job to be held accountable and serve as an example by being behind bars.
Paris Rioting vs Macron anti democratic law
'Sexual Fantasy' Assignment At US School Outrages Parents
The US government has charged Chinese businessman Guo Wengui with leading a $1 billion fraud scheme that cheated thousands of followers out of their money.
Credit Suisse to borrow $54 billion from Swiss central bank
Russian Hackers Preparing New Cyber Assault Against Ukraine
"Will Fly Wherever International Law Allows": US Warns Russia After Drone Incident
If this was in Tehran, Moscow or Hong Kong
TRUMP: "Standing before you today, I am the only candidate who can make this promise: I will prevent World War III."
Drew Barrymore
China is calling out the US, UK, and Australia on their submarine pact, claiming they are going further down a dangerous road
A brief banking situation report
Lady bites police officer and gets instantly reaction
We are witnessing widespread bank fails and the president just gave a 5 min speech then walked off camera.
Donald Trump's asked by Tucker Carlson question on if the U.S. should support regime change in Russia?.
Silicon Valley Bank exec was Lehman Brothers CFO
Elon Musk Is Planning To Build A Town In Texas For His Employees
The Silicon Valley Bank’s collapse effect is spreading around the world, affecting startup companies across the globe
City officials in Berlin announced on Thursday that all swimmers at public pools will soon be allowed to swim topless
Fitness scam
Market Chaos as USDC Loses Peg to USD after $3.3 Billion Reserves Held by Silicon Valley Bank Closed.
Senator Tom Cotton: If the Mexican Government Won’t Stop Cartels from Killing Americans, Then U.S. Government Should
Banking regulators close SVB, the largest bank failure since the financial crisis
Silicon Valley Bank: Struggles Threaten Tech Startup Ecosystem"
Man’s penis amputated by mistake after he’s wrongly diagnosed with a tumour
In a major snub to Downing Street's Silicon Valley dreams, UK chip giant Arm has dealt a serious blow to the government's economic strategy by opting for a US listing
It's the question on everyone's lips: could a four-day workweek be the future of employment?
Is Gold the Ultimate Safe Haven Asset in Times of Uncertainty?
Spain officials quit over trains that were too wide for tunnels...
Corruption and Influence Buying Uncovered in International Mainstream Media: Investigation Reveals Growing Disinformation Mercenaries
Givenchy Store in New York Robbed of $50,000 in Merchandise
European MP Clare Daly condemns US attack on Nord Stream
Former U.S. President Carter will spend his remaining time at home and receive hospice care instead of medication
Tucker Carlson called Trump a 'demonic force'
Kamala Harris: "The United States has formally determined that Russia has committed crimes against humanity."
US Joins 15 NATO Nations in Largest Space Data Collection Initiative in History
White House: No ETs over the United States
U.S. Jet Shoots Down Flying Object Over Canada
Nord Stream terror attack: David Sacks breaks down Sy Hersh's story
Being a Tiktoker might be expensive…
Miracle: El Salvador Search and Rescue teams, with the support of Turkish teams, rescued a woman and a child from the rubble 150 hours after the earthquake
SpaceX, the private space exploration company, made a significant breakthrough in their mission to reach space.
China's top tech firms, including Alibaba, Tencent, Baidu, NetEase, and JD.com, are developing their own versions of Open AI's AI-powered chatbot, ChatGPT
This shocking picture, showing how terrible is the results of the earthquake in Turkey
President Joe Biden delivered the 2023 State of the Union Address , in order to help Americans that missed the 2022 speech, do not have internet, and suffer from short memory.
×