The lawyers who helped overturn Elon Musk’s controversial $56 billion compensation package are now seeking $6 billion in legal fees for their work on the case. The fee, requested in a court filing on Friday, would be payable in Tesla stock and is described by the attorneys as unequal in size.
The fee request comes after a Delaware judge ruled that Musk’s pay package was excessive in January. The package would have awarded Musk huge stock option grants if Tesla hit certain financial targets. While supporters said the package aligned Musk’s motivation with shareholders, a Tesla investor sued in 2018, claiming it was unfair to other stakeholders.
The complainant’s attorneys say Tesla benefited greatly from voiding the pay plan and having Musk’s shares returned. Musk has blasted the fee request as criminal. The fee must still be approved by the judge overseeing the case.
While among the largest fees sought in a shareholder lawsuit, attorneys note it represents just 11% of the total judgment value. Musk can still appeal the ruling invalidating his pay package once a final judgment is reached. His net worth is estimated at $210 billion, making him the world’s second-wealthiest person.
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