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Elon Musk defends Tesla compensation in court, saying he worked hard to achieve success

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Elon Musk defends Tesla compensation in court, saying he worked hard to achieve success

The lawsuit over Tesla’s more than $55 billion (about 53.3 billion euros) compensation plan began on Monday in a Delaware court in the U.S. state.

The lawsuit alleges that the performance-based stock options were negotiated by a compensation committee and approved in 2018 by Tesla board members who had a conflict of interest due to personal and professional ties to Musk.

The lawsuit, filed almost four years ago, also alleges that the shareholder voted to approve this compensation based on an incomplete or misleading proxy statement.

The plaintiff alleges that the attorney erroneously characterized the members of the compensation committee as “independent” and characterized all of the targets that led to the acquisition of the stock options as “stretched” targets that should be difficult to achieve, even if internal projections indicated that the three were likely to be achieved within 18 months after the vote of the shareholders.

During the court hearing, Musk claimed that while production at the plant struggled to increase, his time was “almost entirely devoted to Tesla.”

“Probability of Survival [do grupo] was extremely low,” recalled the multimillionaire, who regularly says that the manufacturer was very close to bankruptcy in 2018.

The entrance to the court was discreet, after arriving in a black Tesla. In a black suit and tie, the businessman answered questions for about two and a half hours.

Plaintiff’s lawyer Greg Varallo spent most of the cross-examination trying to get Musk to admit that he controls Tesla to the point where he can influence the board of directors to do his bidding.

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Tesla’s CEO said he had no role to play in the compensation plan, did not attend meetings on the matter, and was unaware of the internal process by which the company determined the highest compensation ever recorded for a public company.

The businessman added that he does not want to be “the CEO of any company” and that such a title is not suitable to describe his work at Tesla or SpaceX, a rocket and spacecraft company.

When confronted with questions from a prosecutor, Musk admitted he did not consult Tesla’s board of directors when, in March 2021, he identified himself as the company’s “Technoking” (tech king) in white papers filed with the U.S. Securities and Exchange Commission. (SEC, in English)

The decision is the result of a lawsuit filed by Richard Thornetta, a Telsa shareholder, who believes the reward is excessive and that Musk got it because of the power he has over the company and the board of directors, as he is one of its major shareholders.

Under the plan, Musk could receive billions of dollars if the electric vehicle and solar panel maker meets certain operating and market capitalization targets.

For each time the market cap and operating target are met simultaneously, Musk, who already owned about 22% of Tesla at the time the plan was approved, would receive shares equal to 1% of the shares outstanding at the time of grant.

Musk’s stake in the company would increase to around 28% if Tesla’s market capitalization grew by $600 billion (about 581 billion euros).

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Each goal of the plan includes increasing Tesla’s market capitalization by $50 billion and achieving an aggressive target of growth in revenue or pre-tax profit.

Musk will only receive the full benefits of the $55.8 billion (€54 billion) payout plan if Tesla reaches a $650 billion (about €629 billion) market capitalization and revenue and earnings unprecedented in a decade.

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Economy

Everything has been delivered. 10 Bugatti Centodieci are already in the hands of the owners

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Everything has been delivered.  10 Bugatti Centodieci are already in the hands of the owners

OAll Bugatti Centodieci have been delivered, the Molsheim-based brand said on Monday. Cristiano Ronaldo received the number 07 in October this year. and Bugatti has now revealed that the latest unit – #10 – is already in the possession of its owner.

“The Centodieci combines all the values ​​of the Bugatti brand in an extraordinary package: rarity, innovation, heritage, craftsmanship and unrivaled performance. The production batch of 10 units was so in demand by our customers that it was sold before the Centodieci. was even officially presented,” said Christophe Piochon, president of Bugatti.

This latest example is finished in Quartz White with carbon fiber trim on the bottom and matte grilles. The brake calipers are painted in Light Blue Sport, as is the logo on the rear that refers to the EB110, the iconic Bugatti model that inspired this Centodieci. Inside, the predominant color is also blue, as you can see in the images above.

This block is powered by the same block as the other nine instances. The 8.0-liter W16 with four turbines is capable of developing 1600 hp. In terms of performance, this allows the Centodieci to hit 100 km/h in just 2.4 seconds and reach a top speed of 380 km/h.

Recall that each unit costs the owners eight million euros before taxes.

Read also: We already know when the Bugatti Centodieci fell into the hands of Ronaldo.

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Economy

The first Dacia hybrid. “The cheapest hybrid family on the market”

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The first Dacia hybrid.  "The cheapest hybrid family on the market"

BUT Dacia revealed this Monday that the hybrid engine has been available since March on the Jogger, the Romanian brand’s model known to be available with a seven-seat variant.

The Jogger Hybrid 140, Dacia’s first hybrid, will hit dealerships in March, but customers can expect and order it as early as January.

The price has been revealed by Dacia and since it’s only available in the seven-seater SL Extreme, it starts at €28,800. The brand claims it is “the most affordable hybrid family car on the market.”

Available in six existing colors to celebrate the launch of this hybrid, there will be a slate gray version, as you can see in the images above.

Equipped with a 1.6 liter four-cylinder petrol engine with 90 hp, the Jogger is also powered by two electric motors (a 50 hp engine and a high-voltage starter-generator). The total power is 140 horsepower. The electric transmission is automatic, four-speed, connected to an internal combustion engine, and two speeds are connected to an electric motor. This combined technology was possible, according to Dacia, only due to the lack of clutch.

Combined with the energy recovery levels of the 1.2kWh (230V) battery pack and the efficiency of the automatic transmission, regenerative braking delivers all-electric traction on 80% of urban journeys and saves up to 40% of fuel compared to a combustion engine vehicle.

Read also: Dual-fuel Dacia Jogger Eco-G. We tried 5 seater and LPG…

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Economy

See how Tesla tests its electric Semi truck in the worst-case scenarios

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Tesla Semi camião elétrico testes

Tesla has finally been able to bring its long-awaited Semi to market. This electric truck promises to revolutionize transportation and bring all the unique characteristics of this type of electric vehicle to this class of vehicles.

Now that the first units have been delivered, there is hope that they will finally be mass-produced and reach more transport companies. With so many promises to be kept, a new video is now emerging showing Tesla testing its Semi truck under worst-case scenarios.


Tesla Semi is already on the market

Like all Tesla electric vehicles, Semi follows the same line of creating a unique design associated with a platform with the most modern technology available. The proof is in what was presented to the public and surprised most people.

To prove the quality of this new proposal, Tesla published in your LinkedIn account new video. In it, he reveals some of the testing he's done to determine the strength and quality of the Semi's design and its (potential) durability.

Tests to prove its durability

It has been revealed that the Tesla electric truck is subjected to numerous tests and its application in the worst scenarios that drivers may face. It doesn't stop at the ruggedness of the Semi's designs, but goes further and focuses on the motors and batteries themselves.

This is the proof that many have been waiting for to ensure that this new proposal is not limited to a lot of autonomy. Its resistance is great and will provide greater durability, further enhancing the Semi's value and performance.

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high quality electric truck

Tesla has already showcased the Semi's quality with a video showing its truck driving roughly 500 miles on just one charge. The big news here is that he managed to make this long journey with a maximum load of about 37 tons.

Now Tesla remains to widely place the Semi on the market. At the moment, only a few companies have access to this new product, with a very long list of pending deliveries, who want to start mass-using this electric truck offering.

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