Testimony began Monday in a Delaware courtroom where Tesla shareholders are challenging a compensation plan for CEO Elon Musk potentially worth more than US$55 billion.
The lawsuit alleges that the performance-based stock option grant was negotiated by a compensation committee and approved in 2018 by Tesla board members who had conflicts interest due to personal and professional ties to Musk.
Under the plan, Musk stands to reap billions if the electric car and solar panel maker hits certain market capitalization and operational milestones. For each of 12 milestones, Musk, who already owned about 22% of Tesla when the plan was approved, would get stock equal to 1% of outstanding shares at the time of the grant. Musk's interest in the company would grow to about 28% if the company's market capitalization grew by US$600 billion.
Shares of Tesla Inc. have been battered this year, like all automakers, due to a mix of backed-up supply chains and soaring inflation. Tesla shares have fallen 46% this year. Shares of Ford and GM have fallen around 31%.
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