ALBAWABA – Lawyers who represented a Tesla shareholder and contested CEO Elon Musk's 2018 pay package requested a massive fee of $7 billion as recently reported.
Elon Musk's massive pay package
The lawyers who work in three different law firms challenged the case of Elon Musk, the famous businessman and investor who is known for his key roles in space company SpaceX and automotive company Tesla. The case involved Musk’s payout package which was worth $56 billion.
This case goes back to 2018 when the lawyers from the three law firms represented Richard Tornetta, who sued Musk for his payout and who used to own nine shares of the Tesla company at the time.
Elon Musk (Shutterstock)
According to the court, the fee Tornetta has requested on behalf of the firms equals around $7.3 billion. Tesla’s lawyer, John Reed expressed his astonishment over the petition while the three firms’ lawyers explained how the fees represent the efforts that were done by the lawyers over rejecting Musk’s $56 billion compensation package.
Conclusion on Musk’s case
Tesla shareholders voted on validating Musk’s compensation package back in 2018. Lawyers are hoping to obtain shares in the electric vehicle company as the court has not approved their fees case yet.
Tesla shareholders approved Musk's 2018 pay package for the second time in June 2024.
