Richard Tornetta, the Tesla shareholder who successfully challenged Elon Musk’s $55 billion compensation package in a dramatic legal battle, has an unconventional background – he used to be a heavy metal drummer.
Tornetta gained attention when he sued Tesla in 2018, arguing that Musk’s proposed compensation plan was excessively generous. Interestingly, before his foray into corporate governance, Tornetta showcased his musical talents as the drummer for Dawn of Correction, a thrash-metal band that disbanded in 2009.
Videos circulating on YouTube depict Tornetta passionately drumming for Dawn of Correction, a band known for their aggressive sound described as “a swift kick to the face with a steel-toed work boot.”
Musk’s reaction to the court’s ruling reflects the magnitude of the setback he faced. Expressing his frustration on social media platform X, Musk criticized the judgment and hinted at relocating Tesla’s state of incorporation from Delaware to Texas.
In the legal battle, Tornetta alleged that Musk wielded undue influence over Tesla’s board, leveraging personal connections, including with his brother Kimbal Musk, a Tesla board member. Despite owning only nine shares in the company at the time, Tornetta’s lawsuit challenged the legitimacy of Musk’s compensation package.
Tesla defended its compensation plan, citing its necessity to ensure Musk’s sustained commitment to the company. However, the Delaware judge overseeing the case deemed the proposed package as exorbitant and unjust to shareholders, labeling it “an unfathomable sum.”
As a result of the court’s ruling, Tesla is compelled to devise a new compensation strategy for Musk, although the company retains the option to appeal the decision.
Despite media attempts to reach out to Tornetta for comment, he could not be reached. Similarly, Tesla refrained from providing immediate feedback on the matter when approached by Business Insider.
Leave a Reply