Elon's $56 Billion Pay Faces Roadblock—Hungry Lawyers Demand $5.6 Billion Fee as Appetizer

Alright, folks, buckle up because Elon Musk is back in the hot seat! This Thursday, Tesla shareholders will decide if Musk deserves his whopping $56 billion pay package. But wait, there’s another twist—this one involves some very hungry lawyers.

You see, a legal team that managed to convince a Delaware court to put the brakes on Musk’s payday is now asking for a cool $5.6 billion in stock-based legal fees. That's right, folks, these lawyers want to take home 17 times more cash than any other legal team in Delaware history. Talk about setting records!

The lawyers justified their request by saying, “We recognize that the requested fee is unprecedented … The size of the requested award is great because the value of the benefit to Tesla that Plaintiff’s Counsel achieved was massive.” And then they threw in, “We are prepared to ‘eat our cooking.’” Which, in lawyer speak, means they’re ready to chow down on some serious stock options.

But not everyone’s cheering. Our main man Elon, who’s not exactly known for keeping his opinions to himself, took to his personal X account to call the lawyers’ proposal “criminal” and accused them of damaging Tesla. “The lawyers who did nothing but damage Tesla want $6 billion. Criminal,” he fumed.

So, who are these lawyers? They represented Richard Tornetta, a Tesla shareholder who filed a suit in 2018 saying Musk’s compensation package was a bit too much—even for a guy who wants to colonize Mars. Despite 70% of shareholders and Tesla’s board giving the thumbs-up to Musk’s pay deal, Delaware Chancellor Kathaleen McCormick wasn’t having it. She ruled that the process was “deeply flawed,” mainly because Tesla’s boardroom looked more like Musk’s personal entourage.

This Thursday, shareholders will decide whether to reverse the Delaware court's decision. But win or lose, these lawyers already scored their victory and now they want their $5.6 billion slice of the pie. In percentage terms, that’s just 10% of the $56 billion they supposedly saved Tesla shareholders. Talk about a hefty lawyer’s fee!

So, will Tesla shareholders give Musk the green light? And will those lawyers get their payday? Stay tuned, because this corporate drama is far from over!