Business Standard

Tesla board misrepresented Elon Musk's $55 billion pay package, says lawyer

Board members filled proxy disclosures with "half-truths" about the package, which would be the largest-ever awarded to a CEO, the lawyer, Greg Varallo, said Tuesday

Elon Musk
Premium

Twitter CEO Elon Musk. (Photo: Bloomberg)

Jef Feeley | Bloomberg
Tesla Inc. directors misrepresented a $55 billion pay package they recommended for Chief Executive Officer Elon Musk, a lawyer for shareholders said in closing trial arguments in a suit challenging Musk’s compensation. 
 
Board members filled proxy disclosures with “half-truths” about the package, which would be the largest-ever awarded to a CEO, the lawyer, Greg Varallo, said Tuesday in Delaware Chancery Court. Chancery Judge Kathaleen St. J. McCormick will decide the case without a jury.

The incomplete disclosures forced investors to launch “a scavenger hunt” to get proper context on board conflicts tainting the plan and the performance goals Musk was

Don't miss the most important news and views of the day. Get them on our Telegram channel

First Published: Feb 22 2023 | 8:14 AM IST

Explore News

To read the full story, subscribe to BS Premium now, at just Rs 249/ month.

Key stories on business-standard.com are available only to BS Premium subscribers.

Register to read more on Business-Standard.com