Source: Entrepreneur
The legal team that argued against Tesla CEO Elon Musk’s record-high pay package now wants to get paid — a record-setting $7.3 billion in legal fees.
There were 37 lawyers, associates, and paralegals helping represent Richard Tornetta, the Tesla shareholder who sued the EV maker over Musk’s proposed $56 billion pay. Tornetta won in Delaware court in January, with Delaware judge Kathaleen McCormick throwing out the compensation package.
In response, Tesla held another shareholder vote in June and argued that Musk’s compensation was “not about the money” but rather about keeping his attention on the company.
Tornetta’s attorneys presented arguments and expert-witness testimony to show why they deserved $7.3 billion in legal fees, consisting entirely of Tesla stock. At Monday’s stock price, the fee works out to about $370,000 for each hour worked.
Read full article: https://www.entrepreneur.com/business-news/lawyers-who-argued-against-elon-musk-pay-charge-370k-hourly/476843
