Elon Musk's $50 billion Tesla pay package is justified, lawyers say in investor lawsuit
compensation plan is justified.The pay plan is structured around Tesla's performance goals and includes over 100 million stock options.
In the 92-page document, Musk's lawyers argue that the Tesla CEO's pay package was required to secure his focus on Tesla and"closely resembles a high-reward venture capital investment in Musk as an asset to Tesla" during a time when the carmaker's"survival was uncertain." Musk's lawyers said the billionaire has distinguished himself as Tesla's CEO and has been"intimately involved in all aspects of Tesla's operations, from its strategic direction to its product design."manufacturer to far more than just a car company," the filing said."The Board understood that an investment in Musk could reap massive rewards for Tesla's stockholders.
When each milestone is passed, Musk gets stock equal to 1% of outstanding shares at the time of the grant. The company has since surpassed the metrics as its market value surged from $53 billion to over $690 billion, Musk's lawyers said in the court filing.
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