Elon Musk has taken on Detroit's automakers, short-sellers and securities regulators. Next week, the Tesla chief executive is set to square off in court against an unlikely foe - a thrash metal drummer who hopes to strip Musk of his $56 billion pay.
WILMINGTON, Del, Nov 11 - Elon Musk has taken on Detroit's automakers, short-sellers and securities regulators. Next week, the Tesla
Tornetta sued Musk and the Tesla board on behalf of the company in what is known as a shareholder derivative lawsuit. If successful, Musk's 2018 package ofHistorically, cases brought by investors with a near-meaningless economic stake in the litigation have been criticized by business groups as "nuisance suits." Such lawsuits often end quickly in a non-monetary settlement and a payment to the attorneys representing the plaintiff.
The pay package was widely criticized and California's teachers retirement system known as CalSTRS was among the investors who voted against it. Tornetta also turns up in videos drumming at the legendary former New York club CBGB with his now-defunct metal band "Dawn of Correction", which described its sound as "a swift kick to the face with a steel-toed work boot."Tornetta's lawsuit alleges Musk dictated the pay package's terms to a board of directors beholden to the billionaire and claims it was then put to a vote of shareholders who were misled about the difficulty of reaching certain targets.
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