Indonesia is of great interest to Elon Musk and his flagship company Tesla. This country has the largest nickel reserves in the world, and nickel is an essential metal used in making Tesla`s batteries.
Musk, the world's richest man, is facing litigation over his 2018 pay package, worth about $56 billion in stock options. The court trial is slated to begin next week. That's why he won't physically visit the business conference in Indonesia.
The plaintiff states that remuneration to Musk was approved by aboard of directors controlled by Musk. He believes that it is illegal and insists that Musk should return this money.
Indonesia is of great interest to Musk. Apart from the fact that this country is a vast emerging market, Indonesia also possesses the greatest nickel reserves in the world. Nickel is essential component of Tesla's batteries, which is why Musk will participate in a virtual discussion on the `future disruption of global technological innovation` with Indonesian billionaire Anindya Bakrie.
G20 (Group of 20) is intergovernmental forum that consists of 19 countries and the European Union. This year the summit will be held from 15-16 November on Bali and will be attended by world political and business leaders.
"In regards with Elon Musk, he has a trial. He must be present at the court," Indonesia's coordinating minister of maritime and investment affairs Luhut Binsar Pandjaitan told reporters at the business conference on the eve of the G20 leaders' summit starting on Tuesday.
His office said the world's richest person would instead take part in an hour-long virtual discussion on "future disruption of global technological innovation" at the B20 on Monday with Indonesian tycoon Anindya Bakrie.
The B20 lists Amazon founder Jeff Bezos, Canadian Prime Minister Justin Trudeau and Australian Prime Minister Anthony Albanese as attendees
Indonesian President Joko Widodo travelled to Texas to meet Musk earlier this year for talks about Tesla investing in the country's nickel industry.
Indonesia has the largest nickel reserves in the world, and the pioneering electric car company is reportedly eyeing them for components for its batteries.
The colossal pay packet being challenged in a Delaware court by a Tesla shareholder was approved by the company's shareholders at the time.
World leaders including Chinese President Xi Jinping and US President Joe Biden will travel to the summit on the mostly Hindu island for talks with other G20 leaders.
Russian President Vladimir Putin will be absent from the meet as war continues to rage in Ukraine.
No comments:
Post a Comment