Could he get shredded by this lawsuit?
Richard Tornetta, a former metal drummer who made a small investment in Tesla, sued CEO Elon Musk and the company's board in what is called a "shareholder derivative lawsuit" back in 2018,The case survived a 2019 motion to dismiss and is set to kick off in a Delaware court on Monday — which will feature Musk's own testimony and Kathaleen McCormick, the same judge who oversaw his initialIf Tornetta were to win, Musk would have to rescind his 2018 stock grants pay package worth...
His suit alleges that Musk came up with his own pay plan with help of with his former divorce attorney Todd Maron, who also happened to sit on Tesla's general counsel until late 2018,Musk also allegedly set the bar too low for hitting 12 performance targets, as laid out in the 2018 stock grants plan. The plan allows Musk to buy one percent of Tesla stock at a significant discount for each met target.
Musk and his legal team maintain that the targets kept Musk on track during a difficult time, and eventually led to a massive rise in stock price. "The plan designed and approved by the board was not a typical pay package intended to compensate the ordinary executive for overseeing the day-to-day operations of a mature company," Musk's attorney said during a pre-trial brief, asFor now, all we can do is wait and see whether the lawsuit will bang heads in court.
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