October 4, 2023
Drummer Tries to Further Ruin Elon Musk's Week with a $56 Billion Lawsuit

World’s richest man and life-long poster boy for “failing upwards” Elon Musk is headed back into the legal hot seat again and this time it’s got nothing to do with Twitter. Next week, the world’s richest man will square off against one of his most unique challengers yet – former Dawn of Correction drummer Richard Tornetta.

And if he loses in court, Musk could stand to lose a $56 billion pay package he received back in 2018, while Tornetta isn’t seeking any money as a result of the suit. The main issue about the pay package, the suit alleges, stems from the assertion that the bar for performance expectations is set too low, making it easy for Musk to earn a massive pay benefit.

“The disputed pay package allows Musk to buy 1% of Tesla’s stock at a deep discount each time escalating performance and financial targets are met; otherwise Musk gets nothing. Tesla has hit 11 of the 12 targets as its value ballooned briefly to more than $1 trillion from $50 billion, according to court papers.

“Musk and the directors argue in court filings that the package kept Musk focused on Tesla during a difficult period and led to a 10-fold rise in the stock price.”

According to Reuters the lawsuit came about when Tornetta, who had about nine shares of the electric vehicle company’s stock, sued Musk back in 2018. A yeah later Musk tried to have the suit dismissed, but was denied. As it stands, the court will begin its proceedings this coming Monday in Wilmington, Delaware. Musk is also expected to personally testify during the week-long trial.

Dawn Of Correction formed in 2005 and released only one album three years later titled Dead Hand Control. By 2009 they’d split up.

Source link

About Author

Leave a Reply

Your email address will not be published. Required fields are marked *