The trial of the famous billionaire Elon Musk against the shareholders of the Tesla company, came to an end last Friday, while weeks or months may pass until the verdict.
The shareholders demanded a review of the unprecedented compensation package received by Musk, the company’s CEO. The net worth of the compensation package today stands at $50.9 billion, after Tesla’s value jumped more than 1,000% since the shareholders approved the package.
The plaintiff demanded justification for such an extensive compensation package, since as CEO of the company Musk did not invest all his energy in it and divided his time between his various companies, which include SpaceX.
A lot of attention has been invested in Musk in the last year due to the affair of the acquisition of Twitter. After a long process, Musk bought Twitter a few weeks ago for 44 billion dollars, which he put in thanks to many loans from banks. Musk first said that he is not buying Twitter for financial gain but to “protect freedom of expression”. However, it seems that at least since then he has been investing his energy in reducing losses.
He fired half of Twitter’s executive staff when he took office. One of the first innovations he tried to bring to Twitter is to make sure that the users there are real and not blatant. He decided to make the blue hoe that confirms user authenticity available to all Twitter users for $8 a month.
However, this move led to chaos on Twitter as people purchased the blue hoe for fake profiles and it was impossible to tell which public body was authentic and which was fake. For example, fictitious accounts announced the death of public figures such as Jimmy Carter or Jimmy Fallon, even though nothing happened to them.
Musk subsequently decided to add a real gray V to confirm the identity in addition to the blue V, which now only confirms the purchase of the blue V itself. He then forced each fictitious account to clearly state that it was a parody account.
All the chaos caused many advertisers to leave the social network which affected Twitter’s stock. In response, Musk sent an email to Twitter employees that they must now invest twice as much effort in the company or resign, which led to mass resignations at Twitter.
In the trial against Tesla shareholders, Musk testified himself: “Honestly, I don’t want to be the CEO of any of my companies.” In addition, he said that he intends to leave his position as CEO of Twitter soon.
Recently, he has caused further echoes in the political arena as well. Before the US mid-term elections, he called on his platform to vote for the Republican Party, although before buying the company he said that the owners should be more politically neutral. Musk, who supported former President Donald Trump, also raised a poll among Twitter users on whether Trump should be returned to the platform. Trump who was A frequent tweeter throughout his tenure as president, he was finally banned from the platform after the events of January 6, 2021, in which an angry mob of Trump supporters stormed the Capitol in an attempt to stop the certification of the 2020 election results.
What seems certain is that Musk probably got himself into more trouble than he realized by buying Twitter and doesn’t want legal problems at Tesla to add to his troubles.
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