According to a senior Indonesian official, Twitter’s new billionaire owner Elon Musk will attend online rather than physically the business meeting in Indonesia that will take place in conjunction with the G20 summit.
Musk, who also owns the electric vehicle manufacturer Tesla, was scheduled to speak at the so-called B20 business conference in Bali, a popular tourist destination, but a court case regarding his 2018 compensation package, which included stock options worth about $56 billion, is set to start next week.
“In regards with Elon Musk, he has a trial. He must be present at the court,” on the eve of the G20 leaders’ summit, which begins on Tuesday, Luhut Binsar Pandjaitan, Indonesia’s coordinating minister for maritime and investment affairs, spoke to reporters at a business conference.
His office announced that instead of speaking at the B20 on Monday, the richest man in the world would participate in an hour-long virtual debate with Indonesian tycoon Anindya Bakrie on “future disruption of global technological innovation.”
Prime Ministers Justin Trudeau of Canada, Anthony Albanese of Australia, and founder of Amazon Jeff Bezos are listed as attendees at the B20.
Musk will travel to Jakarta in December, according to Pandjaitan, “after his issue at the court finishes.”
Earlier this year, Joko Widodo, the president of Indonesia, travelled to Texas to meet with Musk to discuss Tesla’s potential investment in the nation’s nickel industry.
The world’s largest nickel reserves are in Indonesia, and the innovative electric car business is allegedly interested in using them as materials for its batteries.
The enormous compensation package that a Tesla shareholder is contesting in court in Delaware was at the time approved by the company’s shareholders.
However, the complainant claimed Musk, who holds the majority of the stock, presided over a conflicting transaction that was approved by a board he controls and therefore should be revoked.
The same judge who last month ruled that Musk must honour his multi-billion dollar purchase of Twitter will preside over this case.
A number of world leaders, including the presidents of China and the United States, will attend the summit on the mostly Hindu island to meet with other G20 leaders.
Vladimir Putin, the president of Russia, will not attend the meeting because the conflict in Ukraine is still raging.