A Delaware judge blocked Tesla CEO Elon Musk from receiving a massive multibillion dollar compensation package this week that the company’s shareholders overwhelmingly approved for him.
The ruling from Chancellor Kathaleen McCormick of the Delaware Court of Chancery, who was appointed by Delaware Democrat Governor John Carney, comes after she struck down the same deal in January when she ruled that the size of package was not fair.
McCormick awarded the plaintiff’s attorneys $345 million in the case, equivalent to $17,692 per hour for the amount of time worked, because they had to face “some of the best law firms in the country, who put Plaintiff through their paces.”
The Delaware judge’s justification for making Tesla pay $345 million (!) in attorney’s fees is:
a) Tesla had good lawyers (?)
b) Plaintiff hired an “accounting expert”
c) Billed 20,000 hours
d) Plaintiff had to come up with theory for why they deserve zillions of $$
e) that’s it pic.twitter.com/43IbfAIrJj—…
