Heavy Metal Drummer Takes Elon Musk To Court, Hopes To Strip Him $56 Billion In Tesla Compensation | Carscoops carscoops
Richard Tornetta, the founder of an automotive audio equipment company, the former drummer for “Dawn of Correction,” and a Tesla investor, is taking the automaker’s CEO and board to court in a case that could see Elon Musk stripped of billions.
The plaintiff is suing Musk and the Tesla board on behalf of the company in a shareholder derivative lawsuit. The suit seeks no damages for Tornetta, only to see Musk’s 2018 stock grants rescinded for the benefit of the company. If successful, the move could cost the embattled executive $56 billion in pay.Tornetta held just nine shares in Tesla when he launched his case in 2018, making this an unusual suit.
The package was widely criticized when it was introduced, and the California teacher’s retirement system was among the investors who voted against it. It allows Musk to buy one percent of Tesla’s stock at a deep discount when performance and financial targets are met. So far, Tesla has hit 11 of the 12 targets as its share value has ballooned.
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