Al Mayadeen English

  • Ar
  • Es
  • x
Al Mayadeen English

Slogan

  • News
    • Politics
    • Economy
    • Sports
    • Arts&Culture
    • Health
    • Miscellaneous
    • Technology
    • Environment
  • Articles
    • Opinion
    • Analysis
    • Blog
    • Features
  • Videos
    • NewsFeed
    • Video Features
    • Explainers
    • TV
    • Digital Series
  • Infographs
  • In Pictures
  • • LIVE
News
  • Politics
  • Economy
  • Sports
  • Arts&Culture
  • Health
  • Miscellaneous
  • Technology
  • Environment
Articles
  • Opinion
  • Analysis
  • Blog
  • Features
Videos
  • NewsFeed
  • Video Features
  • Explainers
  • TV
  • Digital Series
Infographs
In Pictures
  • Africa
  • Asia
  • Asia-Pacific
  • Europe
  • Latin America
  • MENA
  • Palestine
  • US & Canada
BREAKING
Al Mayadeen's correspondent in Turkey: A new attack in the Black Sea targets a Georgia-bound Russian ship
Palestinian press sources: Two Israeli occupation soldiers were injured in the operation
Palestinian press sources: The man who carried out the stabbing operation at the entrance to a settlement north of Ramallah in the occupied West Bank has been martyred
Israeli media report on a stabbing operation in the Ma'ayan Atarot area, confirm the attacker was killed, with one injury reported in the area
Senate Democratic Leader Chuck Schumer: Law enforcement agencies in New York have informed me of bomb threats targeting several of my offices.
IOF storm Al-Ahli Hospital, vicinity of Al-Mizan Hospital, and Mohammed Ali Al-Muhtaseb Hospital in al-Khalil.
Iraqi sources told Al Mayadeen that reports that Barrack conveyed warnings to Iraq about an Israeli strike if any Iraqi party supports Hezbollah are false.
Pope Leo XIV: Peacemakers do not flee, but dare to stay even if it costs them some sacrifice.
The Pope to the Lebanese: You are a diverse country and a community made up of communities united by one language, the language of hope, which has allowed you to start anew.
Pope Leo XIV to the Lebanese: You are a people who do not give up, but a people who persevere in the face of difficulties and know how to be reborn.

Musk in court over $56 billion pay package from Tesla in 2018

  • By Al Mayadeen English
  • Source: Agencies
  • 17 Nov 2022 11:56
3 Min Read

Tesla shareholder Richard Tornetta is accusing Tesla's CEO Elon Musk that he used his influence over Tesla's board of directors to be granted a huge sum of compensation while he is not devoting his full time to the company.

  • x
  • musk
    Elon Musk, Tesla’s chief executive, leaving the Delaware Court of Chancery in Wilmington last year.

American billionaire and currently the richest man on earth, Elon Musk, appeared in front of a Delaware court on Wednesday, for the second time since 2021, to defend his $56 billion compensation package he got in 2018, following a lawsuit by Tesla shareholder Richard Tornetta.

Tornetta accuses Tesla CEO of influencing the board of directors to receive the huge pay package while only acting as a "part-time CEO" as the suit mentions that Musk was not devoting his time to Tesla as he runs several companies at once, and has thus asked the court to rescind the package.

Read more: Twitter to do 'lots of dumb things' in coming months: Musk

The shareholder's attorney, Gregory Varallo, attempted during the hearing to prove that Musk was rewarded the massive sum of money unjustly while accusing the board of directors that they have failed to work in the best interest of the company's shareholders.

"The amount of pain, no words can express," Musk said in response to the attorney's claims that he received the package only through his dominance over the members of the board.

Read more: Twitter becomes 'Musk Mania' as he fires execs and takes over

"It’s pain I would not wish to inflict upon anyone," Musk added referring to his effort that pulled the company from bankruptcy in 2017.

The lawyer attempted to show that Musk took the decision without going back to Tesla's board repeatedly.

Musk admitted that he terminated the company's acceptance of bitcoin as a payment without informing the board of directors.

However, the testimony was not able to prove whether Musk demanded the compensation package or it followed negotiations with the board.

The lawyer held up a Twitter image to display in front of the courtroom attendees where Musk is suggesting that Tesla is his wife while Twitter is his new mistress.

Musk announced this week in a Tweet that he will be staying in Twitter's HQ in San Francisco 24/7 until the company's issues are resolved.

Read more: Musk launches new perfume to fund Twitter purchase

The billionaire stressed that his constant presence there is only temporary during the launching process as he wants to "reorganize the company" and that the "fundamental restructuring" will be over soon and then he will assign someone else to run the media platform.

Varallo also brought up that Musk was using Tesla employees to work on his Twitter project.

The CEO of Starlink and SpaceX responded that it was "voluntary, after-hours and short-term basis."

Read more: Twitter fires more than 90% of India staff, leaving just a dozen

  • lawsuit
  • SpaceX
  • Tesla
  • Elon Musk
  • Twitter
  • Starlink

Most Read

13 elite Israeli troops were wounded in a confrontations in Beit Jinn, Syria.

13 elite Israeli troops wounded in confrontations in southern Syria

  • West Asia
  • 28 Nov 2025
Russia and China are not part of the Resistance Front, but they are playing an important role in building structures to bypass US power and thus facilitate a multipolar and freer world. (Al Mayadeen English; Illustrated by Zeinab el-Hajj)

The Resistance Front and BRICS

  • Opinion
  • 29 Nov 2025
Four killed, ten wounded in targeted California shooting in Stockton

Four killed, 10 wounded in 'targeted' California shooting

  • US & Canada
  • 30 Nov 2025
Point-blank killings: 'Israel' executes 2 Palestinian youths in Jenin

Graphic footage: IOF execute 2 Palestinians from point blank in Jenin

  • Politics
  • 27 Nov 2025

Coverage

All
In Five

Read Next

All
US Ambassador to Turkey Tom Barrack speaks during the Concordia Annual Summit in New York, Wednesday, September 24, 2025 (AP)
Politics

Iraqi sources deny US warning of Israeli attack on Lebanon: Exclusive

People walk through a street in the old city of Homs, Syria, Friday, November 21, 2025 (AP)
Politics

US cautions Israeli occupation against escalation in Syria

Members of the International Committee of the Red Cross (ICRC) arrive at the site where Hamas militants are searching for the remains of captives in Jabalia, northern Gaza Strip, Monday, December 1, 2025 (AP)
Politics

Gaza death toll surpasses 70,000 as victims remain under rubble

Pope Leo XIV meets the Greek Orthodox Patriarch of Antioch John X Yazigi, left, and spiritual leader of Lebanon's Druze community Sheikh Sami Abi al-Mona in the Martyrs' Square, in Beirut, Monday, December 1, 2025 (AP)
Politics

Pope Leo XIV calls for unity, coexistence during Lebanon visit

Al Mayadeen English

Al Mayadeen is an Arab Independent Media Satellite Channel.

All Rights Reserved

  • x
  • Privacy Policy
  • About Us
  • Contact Us
  • Authors
Android
iOS