Certainly, $55 billion in pay is excessive at a public company.
But I’m conflicted about the outside shareholders effectively having to award $6 billion (in stock) to the lawyers — for striking it.
Here’s the latest:
…The law firms are asking for just over 11% of the shares that would have otherwise gone to Musk as part of his pay package, or about 29.4M shares. Based on Tesla stock’s last closing price of $202.64, the fee amounts to $5.96B. If awarded, it would make it the biggest payday for attorneys in a corporate case.
“We recognize that the requested fee is unprecedented in terms of absolute size,” the law firms said in the filing.
Musk weighed in on the development. “The lawyers who did nothing but damage Tesla want $6 billion. Criminal,” the billionaire businessman said on X (formerly Twitter)….
The result was outstanding — given the very high risk the suit would fail.
Even so, that “feels” like too much of a windfall for legal work.
Onward.
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