Tesla CEO Elon Musk, among the world’s wealthiest people, has just been stripped of $56 billion in Tesla compensation after a judge sided with Richard Tornetta, a heavy metal drummer and pro audio enthusiast, who spearheaded a 2018 lawsuit against the business magnate, as Reuters reported.
Richard Tornetta, who drummed for the thrash band Dawn of Correction circa 2005 to 2009, filed the lawsuit against Musk as part of a shareholder derivative lawsuit, CNBC said.
Tornetta was only a minority shareholder in Tesla — to the tune of just nine shares — when he filed the suit in 2018. But the lawsuit alleged that Tesla’s board of directors had breached their fiduciary duties by approving Musk’s unusually high stock-based compensation plan that year.
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Now, that compensation package — indeed to the tune of $55.8 billion — was rescinded in a decision by Judge Kathaleen McCormick of Delaware’s Court of Chancery. Musk can appeal.
Continue here: Loudwire
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