Elon Musk faces $56 billion court fight with heavy metal drummer
Civil trial begins, targeting Musk's highly controversial compensation packageWILMINGTON, Del. — Elon Musk has taken on Detroit's automakers, short-sellers and securities regulators. This 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.
"This case looks different," said Jessica Erickson, a professor at University of Richmond School of Law who has specialized in shareholder litigation. Legal experts said such large shareholders are unlikely to sue because it might invite blowback from Musk and cut off access to management. It is unclear why Tornetta brought the case. He did not respond to a request for comment, and his attorneys declined to comment. audio gear for car-customizing enthusiasts. He posts light-hearted videos online with his company co-founder about their gadgets or mishaps, including Tornetta describing how he torched his eyebrows.
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.
Ireland Latest News, Ireland Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Elon Musk braces for $56 billion battle with heavy metal drummerElon 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.
Read more »
Heavy Metal Drummer Takes Elon Musk To Court, Hopes To Strip Him $56 Billion In Tesla Compensation | CarscoopsHeavy Metal Drummer Takes Elon Musk To Court, Hopes To Strip Him $56 Billion In Tesla Compensation | Carscoops carscoops
Read more »
Elon Musk Might Get Thrashed by Lawsuit From Heavy Metal DrummerRichard Tornetta, a former metal drummer, sued CEO Elon Musk back in 2018, a suit which is headed to court next week. Experts say he should be worried.
Read more »
Elon Musk says Twitter bankruptcy is possible, but is that likely?Twitter regularly loses money. But Elon Musk took on billions in debt to buy the company at a time when online advertising is slumping. Could bankruptcy be next?
Read more »