April 19, 2024
"His name is now engraved in the history of corporate law." A Thrash Metal Drummer Is Worth Elon Musk $56 Billion

Tesla and X (formerly Twitter) CEO Elon Musk have been awarded $56 billion in damages in a lawsuit by a metal drummer.

Richard Tornetta, a drummer who previously played in a thrash band called Dawn of Correction, sued Musk in 2018 after Tesla’s board of directors gave the billionaire an incredibly hefty salary package. The lawsuit was widely reported in 2022.

Tornetta owned nine shares in the electric car company when he filed the suit, and he believed such a large sum was unfair to him and his fellow shareholders.

The case is scheduled to be heard in fall 2022, and on Tuesday (Jan. 30), Delaware Court of Chancery Chancellor Kathleen McCormick sided with Tornetta. Billions of dollars worth of payment deals were canceled in the process.

Musk responded on Twitter: “Never incorporate your company in the state of Delaware.”

Eric Talley, professor of corporate law at Columbia Law School, explains Guardian,[Tornetta’s] The name is now etched in the history of corporate law. My students will be reading Tornetta vs. Musk for the next 10 years.

According to metal archiveDawn of Correction was formed in 2005 and disbanded in 2009. The band released one album, dead hand controlin 2008 and performed a show at the famous New York punk venue CBGB before its closing in 2006.

According to Dawn of Correction, their music has been described as “a swift kick in the face with a steel-toed work boot”. reuters,

As reposted New York PostTornetta has gone on to work in the marketing department of online real estate marketing service Homecast.

The new decision marks Musk’s second costly legal defeat in the state of Delaware. In 2022, the businessman tried to back out of the $44 billion acquisition of Twitter until the company sued him in the Delaware Court of Chancery for violating the binding legal agreement.

Previously, Musk had won several lawsuits accusing him of defamation, breaching his duty to shareholders and violating securities laws.

Source: www.loudersound.com

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