Elon Musk’s Tesla Pay Package Goes To Trial Monday Amid Twitter Chaos

deadline.com:

Elon Musk is keeping Delaware Chancery Court busy. The same judge who shepherded months of contentious discovery in the billionaire’s legal battle with Twitter will preside at trial in a shareholder lawsuit against Tesla’s board over his 2018 pay package, calling it “the largest in human history.” The Telsa stockholder Richard Tornetta – “individually and on behalf of all others similarly situated” sued board members James Murdoch, Robyn Denholm, Antonio Gracias, Linda Johnson Rice, Brad Buss, Ira Ehrenpries and Musk to invalidate the grant, worth up to $56 billion if the electric automaker achieved certain market cap and financial milestones.

The proceedings are set to start Monday morning with Musk up to his eyeballs in fallout from Twitter since his purchase. There’s Blue-Check chaos, thousands of employees fired and others resigning, the FTC breathing down his neck, advertisers wary, debt payments looming and, as he told staffers, bankruptcy not out of the question.

The shareholder turns attention to Tesla, calling its board “conflicted” and “supine” to the CEO, alleging Musk designed the package himself and pushed it through.

It says three of the first milestones were easily achievable and that shareholders who voted to approve the package weren’t fully informed on all the details.