Elon Musk claimed that Tesla's $50 billion pay package is not really excessive.
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Tesla CEO Elon Musk speaks during an event to launch the new Tesla Model X Crossover SUV on September 29, 2015 in Fremont, California. After several production delays, Elon Musk officially launched the much anticipated Tesla Model X Crossover SUV.
The billionaire has been accused of steamrolling the automaker's directors back in 2018.
Speculations claimed that Musk used his superiority to influence the Tesla directors into awarding him the largest pay deal.
Because of this, Elon must face a Delaware judge this coming Nov. 14 to defend himself from accusations.
Elon Musk Defends Tesla's $50 Billion Pay Package!
According to Bloomberg's latest report, the Tesla CEO's lawyers explained that the billion-dollar pay package is justifiable since the automaker's value has improved over the last decade.
(Photo : JIM WATSON/AFP via Getty Images)
Elon Musk gestures as he speaks during a press conference at SpaceX's Starbase facility near Boca Chica Village in South Texas on February 10, 2022. - Billionaire entrepreneur Elon Musk delivered an eagerly-awaited update on SpaceX's Starship, a prototype rocket the company is developing for crewed interplanetary exploration. (Photo by JIM WATSON / AFP)
They added that the package plan approved by the board was not a common pay package to compensate directors for their day-to-day operation observations.
"That is because Musk is not the typical CEO," said Musk's attorneys.
The billion-dollar pay package includes over 100 million Tesla stock options. These shares should be doled out over 12 periods.
But, they can only be disbursed if the automaker can hit certain performance metrics.
Well, Tesla was able to exceed expectations after its market capitalization increased from $53 billion to more than $690 billion during the past four years.
Other Issues Faced by Elon Musk
Aside from the controversial $50 billion pay package of Tesla, Elon Musk is also facing a criminal investigation over its FSD technology.
Business Insider reported that the U.S. Department of Justice may soon probe the automaker's claim regarding its self-driving electric cars.
Experts stated that the investigation might focus on whether the automaker's claim constitutes defrauding consumers.
But, many sources explained that it is still uncertain if the investigation will really lead to criminal charges.
This is because the giant EV maker has been clarifying that its vehicles are not complete automous. You can click here to see more details about the possible probe.
Previously, the new Tesla universally-compatible home charging station has been launched.
Meanwhile, the Tesla self-driving EVs were recently involved in new crash deaths.
For more news updates about Tesla and its other issues, always keep your tabs open here at TechTimes.
Related Article: Elon Musk's Tesla 'Self-Driving' Claim is Facing Criminal Probe, Says New Report
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Written by: Griffin Davis
