Billionaires Hate Him: How One Thrash Metal Drummer Cost Elon Musk $56
Billion
Failing upwards poster boy, disgusting hoarder of wealth, and
Tesla/Space X/Twitter CEO Elon Musk is dealing with a legal loss
that's gonna cost him $56 billion and it's all thanks to former Dawn
of Correction drummer Richard Tornetta.
We reported on this case back in November 2022, but the basic gist is
that Musk received a massive $56 billion pay package from Tesla. At
the time it was granted to Musk for alleged performance goals he met.
Tornetta, however, contested that in court. His claim was that the
board was not acting in good faith, but rather as a rubber stamp for
whatever Musk wanted. As a result, Tornetta complained that their
granting his huge pay bonus was a failure of their fiduciary
responsibilities to shareholders. And with just nine shares in the
company, that made the musician one of those shareholders.
Since Tesla was incorporated in Delaware, the case was filed in
Delaware Supreme Court. Earlier this week, Chancery Court Chancellor
Kathaleen McCormick ruled in favor of Tornetta. According to CNBC, the
court decided that Musk had "extensive ties" within the board that
heavily influenced its decision in granting that huge compensation
package. McCormick laid it all out in her decision.
...
...
In response to the ruling, Musk urged other hyper rich CEOs to "never incorporate your company in the state of Delaware." He also suggested
that he would move the company's incorporation to Texas, which is
where Tesla is headquartered.
Tornetta's lawyer, Greg Varallo, said in a statement that his client
was happy with the court's ruling.
https://www.metalsucks.net/2024/02/02/billionaires-hate-him-how-one-thrash-metal-drummer-cost-elon-musk-56-billion/
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