THEPRP News

Rich Tornetta

A Thrash Metal Drummer Cost Elon Musk $56 Billion This Week


0

A thrash metal drummer by the name of Richard Tornetta has stuck a major blow against billionaire Elon Musk. The musician, who previously played in Dawn Of Correction, filed suit against Musk back in 2018, seeking to halt Musk‘s company Tesla from awarding him a $56 billion compensation package.

Tornetta took issue with the package, claiming that the Tesla board had breached their fiduciary duties in awarding Musk the unprecedented compensation package, which was was performance-based. Tornetta, who holds just 9 shares in Tesla, argued that Musk ‘controlled Tesla‘, claiming that the board acted without independence in approving the package.

According to CNBC the Delaware Supreme Court sided with Tornetta on the matter earlier this week, ruling that Musk had “extensive ties” and influence over several individuals who had negotiated the compensation package.

Musk commented briefly on the matter:

He later hinted at potentially moving Tesla‘s state of incorporation to Texas. Greg Varallo, who represented Tornetta in the case, said in a statement:

“We are enormously grateful for the Court’s thorough and extraordinarily well-reasoned decision in turning back the Tesla board’s absurdly outsized pay package for Musk. The Court’s hard work will redound directly to the benefit of Tesla investors, who will see the dilution from this gargantuan pay package erased.”

- Advertisement - Purchase Theprp.com Merch

Comments