Arab Press

بالشعب و للشعب
Saturday, Feb 22, 2025

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.
Newsletter

Related Articles

Arab Press
0:00
0:00
Close
The negotiation teams of Trump and Putin meet directly, establishing the groundwork for a significant advance.
Israeli Minister Urges Hamas to Surrender and Depart from Gaza.
Iran Considers Moving Its Capital Due to Urban Difficulties
Israel and Hamas Finalize Sixth Exchange of Hostages and Prisoners During Continuing Gaza Ceasefire
Leaders of BRICS to Gather in Rio de Janeiro for July Summit
Muhsin Hendricks, a trailblazing openly gay imam, was killed in South Africa.
Trump's special envoy for hostage affairs cautions Hamas against challenging Trump before Saturday's deadline.
Two British citizens apprehended in Iran amid escalating tensions.
Israel Issues Threat of Military Action as Hostage Negotiations with Hamas Continue
Hamas Coordinates Worldwide Solidarity Marches in Reaction to U.S. and Israeli Initiative
Israel Warns of Ending Gaza Ceasefire Due to Hostage Situation
King Abdullah II Dismisses US Proposal to Relocate Palestinians, Commits to Welcoming Gaza Children.
Lebanon Installs New Government with Hezbollah's Impact on Key Ministries
Report: Iran Attempted to Assassinate Trump During Election Campaign
U.S. Authorizes $7.4 Billion Arms Sale to Israel
Iran's Supreme Leader Rejects Nuclear Negotiations with the U.S.
UN Chief Denounces Trump's Gaza Plan, Cautions Against Ethnic Cleansing
Pressure Intensifies for a Free Trade Agreement between the UK and GCC in Light of Economic Difficulties
Israel to Withdraw from UN Human Rights Council Due to Accusations of Anti-Semitism
EU Reaffirms Gaza's Essential Role in Future Palestinian State Following Trump's Proposal
Iranian Currency Reaches All-Time Low Amid US 'Maximum Pressure' Initiative.
UN Reaffirms Ban on Deportation from Occupied Territories Amid US Gaza Proposal
Palestinians Fear Repeat of 'Nakba' Amid Ongoing Crisis in Gaza
UAE Aids in the Exchange of 300 Prisoners Between Russia and Ukraine
Egypt Seeks Global Backing for Two-State Solution Following US Proposal for Gaza Plan
Trump's Suggestion to 'Seize Control' of Gaza Represents a Significant Shift in US Policy
French President is the first EU leader to extend congratulations to the new Syrian President.
Tunisian President Appoints New Finance Minister Amid Economic Crisis
Trump Suggests U.S. 'Takeover' of Gaza, Prompting Global Worries
Trump's Proposal for Gaza Provokes Global Debate
President Trump Suggests Moving Gaza's Palestinian Population
Aga Khan IV, Spiritual Leader and Philanthropist, Dies at 88
Erdogan and Syria's Sharaa Talk About Collaboration to Counter Kurdish Militants
Trump Suggests U.S. Control of Gaza Strip Amid Ongoing Conflict
Trump Resumes 'Maximum Pressure' Strategy to Limit Iran's Oil Exports.
Ex-British Soldier Sentenced for Espionage on Behalf of Iran and Fleeing from Prison
Gazans in Egypt Reject Displacement, Struggle with Return to War-Torn Home
Queen Rania Urges Protection of Children’s Rights at Vatican Summit
Hamas Officials Ready to Begin Negotiations for Phase Two of Gaza Truce
Trump Expresses Caution Over Gaza Ceasefire as Netanyahu Visits Washington
Oman to Host 18th Indian Ocean Conference on Maritime Security and Trade
Emir of Kuwait Meets BlackRock CEO for Talks on Investment Opportunities
Queen Rania of Jordan Calls for Global Action on Children’s Rights at Vatican Summit
Egyptian President El-Sisi Invited for White House Meeting Following Jordanian King’s Visit
Queen Rania Calls for Protection of Children’s Rights at Vatican Summit
Israeli Military Operations Continue on Lebanon Border Amid Ceasefire Tensions
Israeli Hostage's Release Highlights Uncertainty Over Family's Fate
Israeli Military Operations Escalate in Southern Lebanon Amid Hezbollah Tensions
Zayed Award for Human Fraternity Announces 2025 Honorees
Kuwait Anticipates a 12% Increase in Budget Deficit for the 2025-2026 Fiscal Year
×