Elon Musk says he’s not involved in a $56 billion deal with Tesla

While working on the restructuring of the social network Twitter, Elon Musk declared this Wednesday before the justice of the United States that he had no role in the agreement under which Tesla has promised to pay him about $56 billion..

In his testimony before a Delaware (USA) state court considering whether the historical remuneration is adequate, he pointed out to Tesla’s attorney’s questions that did not attend any meeting where the details of the agreement were discussed for him he would have received that amount in exchange for the achievement by the automaker of a series of financial and industrial objectives.

According to the Tesla CEO, it played no part in the terms of the compensation plandid not participate in meetings on the subject nor did it have any information on the internal process with which the company determined the highest salary in history for publicly traded companies.

On this third day of the trial, Musk defended his work, pointing out that during Tesla’s early years neither Wall Street financial analysts nor the media believed he could get the luxury electric carmaker off the ground.

The entrepreneur added that he does not want to be “CEO of any company” and that that title is not appropriate to describe his work in Tesla or SpaceX, the company that produces rockets and space vehicles.

In this sense, to the questions of the prosecution lawyer, he acknowledged that he had not consulted with the board of directors of Tesla when he designated himself “Technoking” of Tesla in March 2021 in official filings with the United States Securities and Exchange Commission (SEC).

Musk also admitted that he didn’t have the company’s approval when he posted a recent tweet announcing that the board of directors was considering a program to buy between $5 billion and $10 billion worth of Tesla stock.

The businessman also defended that after the acquisition of Twitter in October, he assigned about 50 Tesla engineers to the social platform.

Musk said he doesn’t see sending the engineers as using “Tesla resources” because the automaker has 120,000 employees and the engineers have agreed to work on Twitter “on a voluntary basis” and after the end of the day.

The trial is a consequence of the lawsuit filed by Richard Tornetta, a Telsa shareholder who believes that the fee is excessive and that Musk obtained it thanks to the power he has over the company and the board of directors, being one of its main shareholders.

Criticism against Elon Musk for a series of firings at Space X

Nine employees of the aerospace firm have been fired by Elon Musk after signing a letter in which criticized his “damaging behavior on Twitter”after the controversial purchase of the company for 44,000 million dollars

According to the New York Times newspaper, which cites several of the fired – some anonymous and others with first and last names – the signatories were publicly rebuked to the company for believing that their letter was an extremist act, and the vice president of Space X, John Edwards, he reminded them that Musk could do whatever he wanted in the company: “Space X is Elon and Elon is Space X,” he told them.

Shortly thereafter they were fired.

The same newspaper published on Tuesday that more than two dozen Twitter employees had been fired for criticizing Musk, and it was also learned yesterday that he gave a ultimatum to the remaining workers of the network to demonstrate “outstanding performance” consisting of “long hours of high-intensity work”, otherwise they will be fired.

Likewise, the incident reveals another of the problems in Musk’s network of companies, such as the confusion between one and the other, which has manifested itself several times: the tycoon has not only sold Tesla shares (worth 4,000 million) to finance its purchase of Twitter, but it brought in experts from the other companies to redesign the social network’s new features.