$55bn pay packet for Elon Musk needed to keep Tesla chief 'engaged'

'We wanted Elon to be at the head of Tesla for a long time' one board member said.

A Tesla board member testified that the largest executive-pay package in US corporate history was necessary to keep Elon Musk “engaged” in the electric carmaker he founded.

Taking the stand as the first witness in a trial over the propriety of paying Mr Musk some $55bn (€53bn), Ira Ehrenpreis said the Tesla board recognised in 2017 that the chief executive officer was a “serial entrepreneur” and wanted to make sure he didn’t leave the company to pursue other interests.