Elon Musk, the renowned tech billionaire and CEO of Tesla, has faced a setback in his $56 billion pay package after a Delaware judge ruled in favor of a lawsuit filed by Richard Tornetta, a former heavy metal drummer. The judge, Kathleen St. J. McCormick, deemed the pay package to be an “unfathomable sum” and unfair to shareholders, leading to its voidance.
Tornetta, who was once part of the heavy metal band Dawn of Correction and owned nine shares of Tesla, accused Musk of improperly dictating negotiations surrounding the massive payment package. He further claimed that the Tesla board had acted without independence. The lawsuit, which was filed in 2018, has now resulted in the dismissal of Musk’s pay package.
In response to the judge’s ruling, Musk took to Twitter to express his frustration, stating, “Never incorporate your company in the state of Delaware.” This remark highlights his dissatisfaction with the outcome and suggests a potential aversion to conducting business in Delaware in the future.
While Tornetta’s background as a heavy metal drummer may seem unrelated to the lawsuit, it sheds light on his journey and interests beyond the legal realm. Dawn of Correction released their EP ‘Swingin’ the Chain’ and their debut album ‘Dead Hand Control’ before disbanding in 2008. In an interview with Metal Underground in 2006, Tornetta mentioned influential drummers such as Mike Portnoy, Dave Weckl, and Vinnie Paul.
Since his days as a drummer, Tornetta has shifted his focus to industrial design. Describing himself as a marketer, inventor, custom fabricator, car enthusiast, family man, and drummer, he has showcased his creativity through projects like an illuminated headpiece for onstage drumming performances. This unique creation adds a touch of flair to his drumming style and reflects his passion for both music and design.
In other news related to Elon Musk, he recently faced criticism from comedian John Oliver, who described him as having a “thin skin” in response to comments made by Musk about the comedian on social media. When asked why he believed Musk had singled him out, Oliver responded that he couldn’t speculate on Musk’s motives and acknowledged his sensitivity as a biological fact.
The ruling against Musk’s pay package and the subsequent lawsuit by a heavy metal drummer have brought attention to the fairness and transparency of executive compensation. It raises questions about the influence of shareholders and the independence of corporate boards in determining such substantial remuneration packages. As Musk continues to make headlines with his ventures, controversies, and interactions with public figures, his actions and statements will undoubtedly be scrutinized by both supporters and critics alike.
