Elon Musk Says Twitter Is Taking Up Almost All His Time
Elon Musk, whose $55 billion Tesla Inc. pay deal is being challenged in court as too excessive for a part-time chief executive officer, told a judge he is spending almost all his time now reorganizing Twitter Inc. rather than on the other companies he oversees.
Since acquiring Twitter for $44 billion in October, Musk testified Wednesday in Delaware that the lion's share of his time “for the past few weeks” has been at the social-media platform, though he said the “fundamental organizational restructuring” will be completed by the end of next week.
Delaware Chancery Judge Kathaleen St. J. McCormick is hearing evidence in a trial to determine whether Musk, the world's richest person, should be forced to return stock-options awarded under the pay package to Tesla, the electric-car maker.
Richard Tornetta -- who owns nine shares of Tesla -- claims in his lawsuit that the board failed to exercise independence from Musk as it drew up a new pay package for the chief executive officer in 2018. Tornetta said the board lavished the world's largest compensation plan on a part-time leader.
In addition to Tesla and Twitter, Musk also runs Space Exploration Technologies Corp., an aeronautical start-up; and The Boring Co., a tunneling business; and is involved in OpenAI and Neuralink. Musk agreed with Tornetta's lawyer that at the time of his pay deal, he was spending about 54% of his time at Tesla, 36% at SpaceX, 10% on Open AI, Boring and Neuralink.
However, Musk said questions about the split between the companies were “silly” because he is focused on taking “a set of actions that are good for” humanity, whether that's making electric vehicles, using technology to help people with paralysis, or setting up a colony on Mars.
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