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Attorneys in Musk's pay case seek six billion in Tesla shares

3 March 2024 08:00 (UTC+04:00)
Attorneys in Musk's pay case seek six billion in Tesla shares

Lawyers who represented shareholders and made void Tesla Inc. CEO Elon Musk's compensation plan valued at $56 billion have asked on Friday to be paid in shares of the company worth almost $6 billion, Azernews reports, citing foreign media.

The lawyers on the winning side of the verdict asked for the approval of the record-breaking payment of $5.6 billion in Tesla stock in a filing with the Delaware Court of Chancery, stating that while such an award would be "unprecedented" the size of the award is in line "because the value of the benefit to Tesla that plaintiff’s counsel achieved was massive," the plaintiff’s lead attorney Greg Varallo wrote.

Delaware Chancery Court Chancellor Kathleen McCormick voided Musk's compensation plan in January, siding with Tesla shareholder Richard Tornetta who alleged that the Tesla board of directors breached its fiduciary duties by awarding Musk with a $56 billion compensation package.

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