"Lawyers Seek $6 Billion in Tesla Stock for Voiding Elon Musk's Pay"

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Source: Reuters
"Lawyers Seek $6 Billion in Tesla Stock for Voiding Elon Musk's Pay"
Photo: Reuters
TL;DR Summary

The lawyers who successfully voided Elon Musk's $56 billion compensation package are seeking a record legal fee of $6 billion, payable in Tesla stock. The fee request, which amounts to an hourly rate of $288,888, is for the attorneys who represented a shareholder in the lawsuit against Musk. The legal team argues that the fee is justified as it is directly linked to the benefit created for Tesla and is tax-deductible for the company. The request must be approved by the judge overseeing the case, who previously called Musk's pay "unfathomable."

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