Elon Musk faces $56 billion court fight with heavy metal drummer
Civil trial begins, targeting Musk's highly controversial compensation packageWILMINGTON, Del. — Elon Musk has taken on Detroit's automakers, short-sellers and securities regulators. This week, the Tesla chief executive is set to square off in court against an unlikely foe — a thrash metal drummer who hopes to strip Musk of his $56 billion pay.
"This case looks different," said Jessica Erickson, a professor at University of Richmond School of Law who has specialized in shareholder litigation. Legal experts said such large shareholders are unlikely to sue because it might invite blowback from Musk and cut off access to management. It is unclear why Tornetta brought the case. He did not respond to a request for comment, and his attorneys declined to comment. audio gear for car-customizing enthusiasts. He posts light-hearted videos online with his company co-founder about their gadgets or mishaps, including Tornetta describing how he torched his eyebrows.
The disputed pay package allows Musk to buy 1% of Tesla's stock at a deep discount each time escalating performance and financial targets are met; otherwise Musk gets nothing. Tesla has hit 11 of the 12 targets as its value ballooned briefly to more than $1 trillion from $50 billion, according to court papers.
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