Tesla CEO, Elon Musk, faces scrutiny over bitcoin, other decisions

The world’s richest man, Elon Musk, is in a court battle with Tesla shareholder, Richard Tornetta, over his decisions on the affairs of the electric carmaker.

Tornetta filed a lawsuit against the firms board and Musk, who is also the Chief Executive Officer of Tesla, accusing him of making decisions without consulting the company’s board.

The shareholder’s lawyer, Greg Varallo, said Tesla is under the grip of Musk, resulting in the billionaire making unilateral decisions as well as allegedly getting the board to approve his $56 billion pay package.

In a hearing on Wednesday, Musk admitted to not consulting Tesla board on some decisions, such as suspending the acceptance of bitcoin as payment for Tesla’s vehicles.

Read also:Elon Musk to resign as Twitter CEO, as Tesla investor sues billionaire

Recall that in February, Tesla had informed the United States Securities and Exchange Commission (SEC) that it will start receiving payment for its products.

Four months after, he tweeted that Tesla would stop accepting bitcoin, “Tesla has suspended vehicle purchases using Bitcoin. We are concerned about rapidly increasing use of fossil fuels for bitcoin mining and transaction.”

He also admitted during the court hearing in Delaware, that he once announced a $10 billion Tesla stock buyback by the carmaker’s board without informing the board.

Meanwhile, Ripples Nigeria had reported that Musk plans to resign from his CEO position in Twitter after reorganising the social media company, following complaints that the pay package Musk agreed with Tesla allows him to not work full time at the carmaker.

The court heard that Musk’s attention is divided, with Twitter’s management taking much of his time since he acquired the company for $44 billion in October.

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