A Delaware judge tossed out Elon Musk's record-breaking $56 billion Tesla (TSLA.O), opens new tab pay package on Tuesday, calling the compensation granted by the EV maker's board "an unfathomable sum" that was unfair to shareholders.
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twitchy.com
4 Mar 2024
Amy Curtis
Back at the end of January, Elon Musk saw his $56 billion compensation package voided by a Delaware judge following a lawsuit from a shareholder. A judge with interesting connections, as we wrote about here.
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At the time, Reuters reported:
Shares of Tesla dropped about 2% in premarket trade, and some investors seized on the ruling in hopes it might prompt Tesla to overhaul its governance.
The Tesla board has been criticized as failing to provide oversight of its combative, headline-making CEO, who has fought regulators and led several other companies at the same time.
After the ruling, Musk planned to move business from Delaware to Texas.
And now we find out how much the lawyers who voided the pay package are demanding. And it's a steep price tag:
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$6 billion.
WILMINGTON, Delaware, March 1 (Reuters) - The lawyers who voided Elon Musk's $56 billion compensation as excessive on Friday sought a record a $6 billion legal fee, payable in the electric car maker's stock.
"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.
The fee works out to an hourly rate of $288,888, they said.
That seems excessive too, no?
Musk expressed his displeasure on Twitter:
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Criminal sure seems like a fair assessment.
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We're definitely in the wrong line of work.
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Magic lawyer math.
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Musk has certainly ruffled the feathers of all the right people, and they hate him for it. It's absolutely lawfare.
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The math just doesn't add up, does it?
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So do we.
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A very plausible theory.
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This is the way.
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We're not lawyers, but we'd hope this is possible.
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For some reason, we suspect they won't.
Can't imagine why.
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Yep.
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No such place exists, alas.
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So they have to destroy those who do create things.
In the name of 'fairness', and all that.
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We can't. It defies logic and reason.
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