Lawyers representing shareholders who overturned Elon Musk's $56 billion Tesla compensation package have filed a request for nearly $6 billion in the electric car maker's stock as fees.
Options signal a rise to $80k? The reasons behind PundiX's rise. $6 billion in options expiring Friday.
The request, seen by The Register, filed in the Delaware Court of Chancery, seeks an award in Tesla stock, which the lawyers argue is fair compensation for their victory in court, without affecting Tesla's cash reserves. They justify their claim by saying it is consistent with the value they have secured for shareholders, calling it both "unprecedented" and "conservative."
The fee is almost $300,000 per hour. Good job if you can get it.
The move follows a court ruling last month in which the judge found that a 2018 compensation package, which included significant stock options, was unfairly approved because of the Tesla board's close ties to Musk.
