Musk told the court that he doesn't want to be the CEO of the company.
His responsibilities as the CEO and "technoking" of electric vehicle makerTesla and the CEO and "chief technology officer" of the U.S. defense contractor SpaceX have increased after he acquired and appointed himself as the CEO of social media giantTwitter.
The arrangement at the micro-blogging site is temporary. He said he would reduce his time at the social networking site.
An unparalleled compensation plan that made Musk a centi-billionaire and the richest person on the planet is at the center of a trial between Musk andTesla.
The shareholder claims that Musk's compensation was excessive and that the board's authorization was a violation of its fiduciary duty.
Musk said that CEO is not an appropriate description for the work he does.
He said that he was responsible for the engineering of the rockets and the car that made it successful. In reality, my role is more of an engineer developing technology and making sure that we develop breakthrough technologies and that we have a team of incredible engineers who can accomplish those goals.
Great engineers will only work for great engineers. My first duty is not that of CEO.
Musk was asked about a CNBC report that he had authorized at least 50Tesla employees to help with his work at Twitter now that he owns the social media company.
Musk said that he only called on employees of the company to help him at the micro-blogging site. He said that he had not been contacted by a member of theTesla board to say that it was not a good idea to use the company's resources for another company.
If you are interested in helping me evaluateTwitter engineering, that would be great. It was over after a few days.
When a lawyer asked if he thought it was a good idea to use the assets of Musk's company, he said he didn't think of it that way. There are over a hundred thousand people at the company. De minimis is what this is.
During his testimony, Musk said that he has taken more time than he has in the past.
In the trial, the attorneys asked Musk if it was a good idea for him to strike a combative attitude towards regulators, and if he had ever insulted the SEC.
The question is whether the SEC's mission is being executed well.
I don't think it is. The SEC places too much emphasis on things that aren't relevant. The recent FTX is an example of that. There was no attention given to FTX. Billions of dollars went to investors. The SEC is still hounding me even though shareholders are being handsomely rewarded. This isn't logical.
According to reports, the SEC and several other regulators have launched investigations into FTX, but it is not clear if those investigations started before the firm went bankrupt last week.
Please check back for more information.
All Rights Reserved © 2024
