Tesla co-founder and CEO Elon Musk will not receive a $55 billion pay package due to a lawsuit led by Richard Tornetta.
 |
| Elon Musk Richard Tornetta |
Who Is Richard Tornetta? Know The History
The world’s richest man Elon Musk is in legal trouble and may face one of the biggest legal setbacks in US history. The value of this amount can be so high that many people would never have even imagined. After filing a shareholder derivatives lawsuit in 2018, Richard Tornetta, who owned only nine Tesla shares at the time, worked in the marketing division of Homecast, an online real estate marketing company.
Beyond the legal spotlight, he is best known for playing heavy metal drums at New York’s famous CBGB club. The rhythm of his life fluctuates between battling corporate giants in court and minor gadget mishaps. In addition, he also enjoys creating audio accessories for fans of car customization. Richard Tornetta was also the drummer for Dawn of Correction from its inception in 2005 until its disbandment in 2007.
In 2018 Tesla’s board and shareholders approved Elon Musk’s pay package, the largest in company history. The purpose of this package was to encourage Musk to reach ambitious targets for the company’s market value, revenue and profits. According to the court’s ruling, Musk’s pay package was unfair to Tesla shareholders because it diluted their ownership, gave Musk excessive control over the company and lacked adequate performance constraints. If Musk had met all the goals by 2028, he could have received more than 20% of Tesla’s stock, or about $56 billion (about Rs 464,000 crore) at current prices.
