Tesla paid CEO Elon Musk $3 million to provide indemnity for directors and officers against legal claims

Tesla paid CEO Elon Musk $3 million to provide indemnity for directors and officers against legal claims

Tesla CEO Elon Musk gestures as he arrives to visit the construction site of the future US electric car giant Tesla, on September 03, 2020 in Gruenheide near Berlin.Odd Andersen | AFP | Getty ImagesTesla paid CEO Elon Musk $3 million personally for 90 days worth of an important type of business insurance that indemnifies directors and officers of the company from certain legal expenses, a new filing revealed Wednesday. Tesla has also ended that controversial arrangement, and obtained a more traditional form of this insurance, the filing said.In April this year, Tesla told shareholders that they would forego directors and officers liability insurance (also known as D&O) for a year. Instead, they would pay and rely on Musk personally to cover any company or board members' costs for legal