Musk Got Pay Deal to Ensure His ‘Tenacity’ for Tesla, Chair Says

Tesla Inc. Chairwoman Robyn Denholm told a Delaware judge the electric car maker got good value by agreeing to pay Elon Musk about $55 billion to be its CEO, even though he was splitting time on ventures like building a colony on Mars or selling perfume and flamethrowers.

Musk, the world’s richest person, had the “vision and tenacity” to turn Tesla from a start-up into one of the world’s most-valuable companies, Denholm testified Tuesday during the second day of trial over a lawsuit by a Tesla investor who claims the compensation was excessive.

“My view is that his focus and ...