Posted 3/2/2024, 7:31:27 PM
Lawyers Seek $5.6 Billion in Tesla Stock After Winning Case Against Musk's $55 Billion Pay Package
- Lawyers who successfully argued Musk's $55B Tesla pay package was illegal are seeking $5.6B in Tesla stock as legal fees
- The fee award would apparently be the largest ever; lawyers in Enron case previously got record $688M
- Lawyers worked for over 5 years on a contingency basis, so would have gotten nothing if they lost
- They argue the $5.6B represents 11% of the Musk pay package they defeated, is tax deductible for Tesla, and costs Tesla nothing
- Judge ruled the 2018 pay plan was dictated by Musk in sham negotiations with directors who were not independent