Tesla shareholder upset with Musk's time on Twitter

Tesla shareholder upset with Musk's time on Twitter: Musk said - time is expected to reduce in the coming days, time allocation varies according to the crisis

Nov 17, 2022 - 09:29
 0
Tesla shareholder upset with Musk's time on Twitter

Elon Musk, the world's richest businessman, said on Wednesday that he is looking forward to reducing his time on Twitter. He can also find a new leader to run the social media company. Musk said this in the Delaware court on Wednesday. Elon Musk is the CEO of Tesla and was given a package of $ 56 billion by the company in 2018. The shareholders of the company have challenged this huge package Musk in court.
Musk has also recently bought social media company Twitter for $44 billion and he is spending most of his time in the same company these days. Tesla investors are concerned about the time Musk takes to convert Twitter. Its effect is also visible in Tesla's shares. Tesla's stock closed down 3.86% at $186.92 on Wednesday. This stock has lost 15% in one month and about 26% in 6 months.
This package has been given to Elon Musk in the form of stock options. Musk currently owns 14% of Tesla's shares, which are worth about $90 billion. He has sold shares worth about $30 billion this year and last year.
Musk said in the Delaware court, 'After the acquisition of Twitter, a lot of work is needed in the beginning to restructure it. But later I am hoping to reduce my time in this company. Musk also acknowledged that some Tesla engineers were helping Twitter's engineering teams with the evaluation, but said it was on a "voluntary basis" and overtime.
Tesla shareholder Richard Tornetta has sued Musk. Tornetta has claimed that Musk used his dominance on Tesla's board to dictate the terms of the package, which does not require him to work full-time at Tesla. That is why he is running many other companies as well. Musk said Tesla was in trouble in 2017 and he paid full attention to it. Only then this salary package was fixed.
He also said that he would not accept a salary package that required him to work round the clock. He said, 'I work a lot all the time. I don't know what a punch clock will achieve. Musk said that he focuses his attention on where it is most needed in times of crisis, where there is a crisis and allocation changes.

Muskan Kumawat Journalist & Writer