Budapest Post

Cum Deo pro Patria et Libertate
Budapest, Europe and world news

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.
AI Disclaimer: An advanced artificial intelligence (AI) system generated the content of this page on its own. This innovative technology conducts extensive research from a variety of reliable sources, performs rigorous fact-checking and verification, cleans up and balances biased or manipulated content, and presents a minimal factual summary that is just enough yet essential for you to function as an informed and educated citizen. Please keep in mind, however, that this system is an evolving technology, and as a result, the article may contain accidental inaccuracies or errors. We urge you to help us improve our site by reporting any inaccuracies you find using the "Contact Us" link at the bottom of this page. Your helpful feedback helps us improve our system and deliver more precise content. When you find an article of interest here, please look for the full and extensive coverage of this topic in traditional news sources, as they are written by professional journalists that we try to support, not replace. We appreciate your understanding and assistance.
Newsletter

Related Articles

0:00
0:00
Close
U.S. and Hungarian Officials Talk About Economic Collaboration and Sanctions Strategy
Technology Giants Activate Lobbying Campaigns Against Strict EU Regulations
Pope Francis Admitted to Hospital in Rome Amid Increasing Speculation on Succession
Zelensky Calls on World Leaders to Back Peace as Tensions Rise with Trump
UK Leader Keir Starmer Calls for US Security Guarantee in Ukraine Peace Deal
NATO Chief Urges Higher Defense Expenditure in Europe
The negotiation teams of Trump and Putin meet directly, establishing the groundwork for a significant advancement.
Rubio Touches Down in Riyadh Before Key U.S.-Russia Discussions
Students in Serbian universities Unite to Hold Coordinated Protests for Accountability.
US State Department Removes Taiwan Independence Statement from Website
Abolishing opposition won't protect Germany from Nazism—this is precisely what led Germany to become Nazi!
Transatlantic Gold Rush: Traders Shift Bullion in Response to Tariff Anxieties and Market Instability
Bill Ackman Backs Uber as the Company Shifts Towards Profitability
AI Titans Challenge Nvidia's Supremacy in Light of New Chip Innovations
US and Russian Officials to Meet in Saudi Arabia Over Ending Ukraine Conflict. Ukraine and European leaders – who profit from this war – excluded from the negotiations.
Macron Calls for Urgent Summit as Ukraine Conflict Business Model is Threatened
Trump’s Defense Secretary: Ukraine Won’t Join NATO or Regain Lost Territories
Zelensky Urges Europe to Bolster Its Military in Light of Uncertain US Backing
Chinese Zoo Confesses to Dyeing Donkeys to Look Like Zebras
Elon Musk is Sherlock Holmes - Movie Trailer Parody featuring Donald Trump's Detective
Trump's Greenland Suggestion Sparks Sovereignty Discussions Amid Historical Grievances
OpenAI Board Dismisses Elon Musk's Offer to Acquire the Company.
USAID Uncovered: American Taxpayer Funds Leveraged to Erode Democracy in Europe Until Trump Put a Stop to It.
JD Vance and Scholz Did Not Come Together at the Munich Security Conference.
EU Official Participates in Discussions in Washington Amid Trade Strains
Qatar Contemplates Reducing French Investments Due to PSG Chief Investigation
Germany's Green Agenda Encounters Ambiguity Before Elections
Trump Did Not Notify Germany's Scholz About His Ukraine Peace Proposal.
Munich Car Attack Escalates Migration Discourse Before German Elections
NATO Allies Split on Trump's Proposal for 5% Defense Spending Increase
European Parliament Advocates for Encrypted Messaging to Ensure Secure Communications
Trump's Defense Spending Goal Creates Division Among NATO Partners
French Prime Minister Bayrou Navigates a Challenging Path Amid Budget Preservation and Immigration Discourse
Steering Through the Updated Hierarchy at the European Commission
Parliamentarian Calls for Preservation of AI Liability Directive
Mark Rutte Calls on NATO Allies to Increase Defence Expenditures
Dresden Marks the 80th Anniversary of the World War II Bombing.
Global Community Pledges to Aid Syria's Political Transition
EU Allocates €200 Billion for AI Investments, Introduces €20 Billion Fund for Gigafactories
EU Recognizes Its Inability to Close the USAID Funding Shortfall Due to Stalled US Aid
Commission President von der Leyen Missing from Notre Dame Reopening Due to Last-Minute Cancellation
EU Officializes Disinformation Code for Online Platforms, Omitting X
EU Fails to Fully Implement Key Cybersecurity Directives
EU Under Fire for Simplification Discussions Regarding Corporate Sustainability Reporting
Shein Encountering Further Information Request from the EU During Ongoing Investigation
European Commission Initiates Investigation into Shein as It Aims at Chinese E-Commerce Regulations
German Officials Respond to U.S. Proposal for Peace Talks with Russia
Senate Approves Robert F. Kennedy Jr. as Secretary of Health and Human Services.
Trump and Putin Engage in Discussions on Ukraine Peace Negotiations Amid Worldwide Responses
Honda and Nissan End Merger Talks
×