The lawyers who voided Elon Musk’s $56 billion compensation as excessive on Friday want a $6 billion legal fee, payable in the electric car maker’s stock. The fee is at the hourly rate of $288,888. That’s accurate, not a typo.
“We recognize that the requested fee is unprecedented in terms of absolute size,” the three law firms said in a filing with the Court of Chancery in Delaware.
Musk called it “criminal” that “the lawyers who did nothing but damage Tesla want $6 billion.”
They sued in 2018 on behalf of shareholder Richard Tornetta, a heavy metal drummer who only owned nine of Tesla’s 3.1 billion shares. They are worth $1700 today.
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Tesla and Musk’s attorney did not immediately respond to requests for comment.
Tornetta sued over Musk’s pay package, and the Delaware judge, Kathaleen McCormick, went along with it instead of throwing it out. They’re claiming his pay package would equal 266 million shares.
The shareholder’s legal team comprised three law firms, Bernstein Litowitz Berger & Grossmann and Friedman Oster & Tejtel, both based in New York, and Andrews & Springer of Wilmington.
The lawyers who did nothing but damage Tesla want $6 billion. Criminal. https://t.co/JI6eQPTxQ2
— Elon Musk (@elonmusk) March 2, 2024
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