Elon Musk Slams $7.2 Billion Legal Fee in Tesla Pay Dispute as 'Disgraceful' and 'Evil'
July 8, 2024The legal battle over Elon Musk's $56 billion pay package at Tesla has intensified.
Plaintiff attorneys are seeking a record-breaking $7.2 billion in compensation for challenging the pay plan.
The attorneys claim their efforts benefited Tesla by returning shares valued at $51.4 billion that would have gone to Musk.
Critics, including Tesla shareholders and over 8,000 individuals, have objected to the fee request.
The Delaware judge who ruled Musk's compensation plan illegal has not yet decided on the fee request.
Musk has condemned the fee request as 'utterly disgraceful' and 'evil.'
An alternative fee structure of $1.44 billion in cash has been proposed by the plaintiff attorneys.
The court is also considering the impact of a recent shareholder vote to ratify Musk's pay.
Tesla argues the legal victory has been turned into a loss due to the fee request.
Once a ruling is issued, Musk will have 30 days to appeal, possibly setting a new record in shareholder litigation.
Summary based on 8 sources
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Sources
Yahoo Finance • Jul 8, 2024
Tesla investors to urge judge to reject record $7 billion legal fee in Musk pay caseNew York Post • Jul 8, 2024
Tesla, shareholder clash over $7B legal fee request in Elon Musk pay case