[ad_1]
By Matt McFarland, CNN Enterprise
Elon Musk mentioned that he wanted to obtain what amounted to the biggest compensation package deal in historical past in order that he may gas his objectives round “inter-planetary journey,” Tesla board chair Robyn Denholm testified Tuesday.
Denholm’s testimony got here as a part of the week-long trial within the Delaware’s Courtroom of Chancery in Wilmington that examines Musk’s 2018 Tesla compensation package deal that has a web worth right this moment of $50.9 billion. Musk himself is scheduled to testify Wednesday morning.
Musk has lengthy claimed that he intends to make use of his huge wealth in pursuit of area journey and colonization. In 2020, Musk mentioned in an interview with Axel Springer he would personal “nearly no possessions with a financial worth,” as an alternative devoting this capital to creating a metropolis on Mars.
Later in her testimony, Denholm mentioned that the compensation was finally about motivating Musk to focus his consideration on Tesla, somewhat than the specifics of what he’d do with the cash.
“Fairly truthfully, I don’t understand how a lot it prices to do any inter-planetary journey. It’s not a pastime of mine,” Denholm mentioned.
Past Tesla, SpaceX, and Twitter, Musk additionally leads the Boring Firm, which makes a speciality of underground tunneling, and is the founding father of Neuralink, which seeks to place laptop chips in folks’s brains.
The corporate’s driving curiosity in awarding Musk such an unlimited compensation package deal was to maintain his concentrate on Tesla, versus his different firms. Denholm mentioned Tuesday that Musk’s earlier compensation package deal earlier than the 2018 plan wasn’t ample to maintain him engaged at Tesla.
“It was round motivating him to attain issues that had been daring and audacious and him placing his time and vitality into that versus his different pursuits,” Denholm mentioned.
She mentioned the precise quantity of hours Musk would work was not necessary, somewhat that the board wanted his “focus and a spotlight.”
Whether or not Musk’s compensation plan is enough to maintain him centered on Tesla might be in query. A lot of Musk’s consideration of late seems centered on a splashy funding he has made for the reason that compensation plan helped him grow to be the world’s richest man, although it doesn’t contain inter-planetary journey. Musk spent $44 billion just lately to purchase Twitter, the social media platform.
He’s since laid off half the workers and staff have described a chaotic transition as Musk says he’s making an attempt to return it to profitability.
Musk final yr that he could be shocked if the corporate had not put an individual on Mars by 2026. As of this writing, nonetheless, SpaceX has but to ship an individual past Earth’s orbit.
The-CNN-Wire
™ & © 2022 Cable Information Community, Inc., a Warner Bros. Discovery Firm. All rights reserved.
[ad_2]
Source link
