6 billion dollar shock for Elon Musk! Lawyers demand 11 percent of Tesla shares

Tesla CEO Elon Muskis facing trouble due to issues with lawyers. After having Musk's pay package canceled, the lawyers are now demanding $6 billion in Tesla shares.

Discussions regarding Musk's pay package have been ongoing for a long time. In 2008, Richard Tornetta, who previously played drums in a heavy metal band, Richard Tornetta, filed a lawsuit against Musk, claiming that the pay package was determined unfairly by the board of directors.

Following a lengthy legal battle, Musk was stripped of his $56 billion pay package. However, a new development in recent days has angered Musk.

The lawyers are asking the judge for approximately 11 percent of Tesla shares as legal fees, which amounts to $6 billion.

DelawareThe lawyers, who applied to a judge, argue that a portion of the compensation package should be awarded to them as legal fees. In the hearing held on Friday, they stated that the fee they are requesting for their work on the case amounts to approximately 11 percent of the compensation package. This corresponds to approximately $5.96 billion worth of Tesla shares.

Now Delaware Court of Chancery Chancellor Kathleen McCormickwill decide how much of the compensation package can be allocated to legal fees.

The Wall Street Journalreported that the lawyers wrote, "Plaintiff's counsel has not been paid for their work and has not been reimbursed for any costs or expenses" in their filing.

Musk is not pleased with the lawyers' demand. On Friday evening, he posted on X: "The lawyers who did nothing but harm Tesla want 6 billion dollars" he wrote.

News Source: 12punto