The lawyers who helped invalidate Elon Musk’s contentious $56 billion pay package are now requesting $6 billion in legal costs for their work on the case. The amount, proposed in a court filing on Friday, would be paid in Tesla shares and described by the attorneys as disproportionate in magnitude.
The charge request comes after a Delaware judge declared Musk’s salary package exorbitant in January. The program would have given Musk large stock option payouts if Tesla met key financial benchmarks. While advocates claimed the package aligned Musk’s motivations with those of shareholders, a Tesla investor sued in 2018 alleging it was unfair to other stakeholders.
According to the complainant’s counsel, voiding the pay plan and returning Musk’s shares benefited Tesla significantly. Musk has described the fee request as criminal. The charge must still be approved by the judge overseeing the proceedings.
While one of the greatest fees claimed in a shareholder action, attorneys point out that it only accounts for 11% of the entire judgment value. Once a final decision is issued, Musk can appeal the ruling that invalidates his pay deal. His net worth is estimated at $210 billion, making him the world’s second-richest individual.
More From Crypto SA
