Saturday, February 24, 2024

The heavy metal drummer takes a $56 billion hit with Elon Musk

Elon Musk suffered one of the biggest legal defeats in US history this week when the Tesla CEO was stripped of his $56 billion pay package in a lawsuit brought by an unlikely adversary, a former heavy metal drummer.

Richard Tornetta sued Musk in 2018, when the Pennsylvania resident only owned nine shares of Tesla. The case is set for trial in late 2022, and on Tuesday, a judge sided with Tornetta, destroying the huge salary package that was unfair to him and all Tesla shareholders.

Tornetta could not be reached for comment on the decision, and his attorney declined to do so.

Until the Tornetta case, Musk won a series of lawsuits accusing him of defamation, breach of duty to shareholders, and violation of securities laws.

The Heavy Metal Drummer Takes A $56 Billion Hit With Elon Musk

Judging by his Internet presence, Tornetta seems more interested in making audio equipment for car enthusiasts than in perpetuating corporate excesses and crimes. He posts videos about gadgets he’s made or mishaps, such as describing how he burned his eyebrows.

Tornetta can also be seen in videos playing drums at New York’s legendary old club CBGB with his now-defunct metal band “Dawn of Correction.”

On social media, followers of Tesla and Musk seem to consider the case a travesty of justice and speculate about Tornetta’s intentions and political affiliations, wondering how an investor with such little stake has such power.

Delaware corporate jurisprudence is filled with cases featuring the names of individual investors with small stakes that ended up shaping American corporate law.

The Heavy Metal Drummer Takes A $56 Billion Hit With Elon Musk

Tornetta benefits from winning the case in the same way as other Tesla shareholders: by saving the company billions of dollars paid to a subservient Musk board.

Experts say people like Tornetta are essential to monitoring directories.

“His name will now be etched in the annals of corporate law,” said Eric Talley, a professor of corporate law at Columbia University. “My students will be reading Tornetta vs. Musk for the next 10 years.”

World Nation News Desk
World Nation News Desk
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