Attorneys In Musk's Pay Case Seek Six Billion In Tesla Shares
Date
3/3/2024 12:09:50 AM
(MENAFN- AzerNews) 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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