Elon Musk, Tesla Board Members to Defend CEO's Pay in Court

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He also runs rocket company SpaceX

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Elon Musk is headed to court this week to defend his multibillion-dollar pay package at Tesla Inc

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A Tesla shareholder is asking Delaware’s business-law court to rescind Mr. Musk’s CEO pay package, which was approved in 2018 and is valued at around $52 billion at recent share prices

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The plaintiff has alleged that Tesla’s board at the time failed to disclose key information about the deal and how it came together.

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Attorneys representing current and former Tesla board members have said the package has been successful and was approved through a fair process

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They point to the performance of the company, now the world’s most valuable car company with a market capitalization of nearly $620 billion

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The company was valued at less than $60 billion when shareholders approved Mr. Musk’s latest pay deal.

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The case is slated for a five-day, nonjury trial starting Monday in Wilmington, Del

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It is set to be heard by Chancellor Kathaleen McCormick, who presided over Twitter Inc.’s lawsuit seeking to compel Mr. Musk to close his $44 billion deal for the social-media company

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The transaction closed late last month, before the case went to trial.

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The trial this week comes at a busy time for Mr. Musk, who has been putting his imprint on Twitter, laying off around 50% of its staff and making other changes

He also runs rocket company SpaceX