Posted on 02/02/2024 3:27:57 AM PST by dennisw
Elon Musk will not be $55.8 billion richer anytime soon — and it wouldn't have happened without a ticked off metal band drummer.
As the Wall Street Journal reports, Musk won't be granted all those additional billions from Tesla, per his strangely-negotiated pay package deal, thanks to one Richard Tornetta, a one-time thrash band drummer who also happens to be a shareholder convinced that the CEO should not be making so much money off his back.
Incredibly, as Al Jazeera reports, Tornetta only owned nine shares in Tesla when he sued in 2018, which are worth about $1,700 today. His lawyers, the outlet reported, will be compensated by Tesla — which if nothing else shows that when you go up against giants like Musk, sometimes you can at least get your legal bills paid.
A self-described "car guy," Tornetta used to work for a company that made audio parts for automobiles and currently works in marketing, per an archived version of his LinkedIn that the WSJ viewed that paints him as very much the type of person who would buy stock in Tesla. The more exciting side of his backstory, however, goes back to 2008, when as Newsweek reports, the shareholder's old band Dawn of Correction, whose name seems to be taken from a folk song that was a response to another folk song, titled "Eve of Destruction," released its one and only album, "Dead Hand Control." Not long after, the band's members left the project for greener pastures — which in this case included suing the world's richest man.
(Excerpt) Read more at msn.com ...
I read the maggot lawyers are due to get 5 billion dollars to divide up. Tesla paying them.
Can this be true?
Did lawyers recruit this drummer? Will they share the spoils with Mr Metalhead Drummer?
Musk might surprise them....He doesn’t need TESLA in his repetoire...It’s just what he was most known for. But Space X and all his other ventures have risen and surpass “The EV”.
The backstory as shown, promises to become a very long, sprawling tale, jammed with surplus details.
Is there a shorter, more concise summary of how this ex drummer may be collecting over $55. Billion Dollars from Elon Musk?
Almost like they’re using the “Get Trump” MO on Musk.
He's not collecting anything. All he did was temporarily block Musk from receiving a salary of 55 billion. I wouldn't be surprised if Musk has a clause in his contract to collect even more as part of any severance package in order to step down.
The suit makes absolutely no sense....and the Judge has “0” exhibits of a comparable case and “0” knowledge of Musk’s talents beyond what we know.
It was a negotiated pay package between Musk and the Tesla Board. There were certain benchmarks to be met by Musk’s performance. He met and exceeded all of them. One in particular was annual revenue. The benchmark was $650 Billion. It exceeded $1 Trillion.
Musk lived up to his end of the deal and the Delaware judge blocked Tesla from living up to their end.
My suggestion: Musk should sue Tesla in a Texas court for breach of contract. The two parties quickly settle out of court for $55 Billion. Screw the Delaware judge.
EC
I don’t believe that it is a salary. It is Tesla stock. Musk’s wealth is in stock, not cash coming in.
Musk recently stated that he would need 25% ownership of Tesla to stay “interested”. This appears to be what that is in reference to. The board wanted to retain Musk’s present involvement. Metal Drummer didn’t, and seems to be calling the shots.
I don’t know if the Tesla board can overcome this, but I would expect Musk to step down as Tesla CEO. Maybe he would become CTO, as he expressed interest in Tesla’s robotic manufacturing.
Thanks for that overview.
Was not in the mood to go trudging through the tundra of “required reading”.
Seems very similar to Trump's NYC real estate case. Trump wanted to borrow money, the banks wanted to loan money. Trump paid back the loan, with interest, and the banks were pleased. No one was defrauded. And -- Voila! -- the judge says Trump owes $350M for fraud.
“Was not in the mood to go trudging through the tundra of ‘required reading.’”
These authors that get paid by the word are the worst. I skimmed the excerpt and couldn’t find the pith. What a dog’s breakfast of an article.
I like “ trudging through the tundra.” Great metaphor and alliteration!
That line probably comes from lyrics to a song I have since forgotten.
From the excerpt, this promises to be an entertaining short story, perhaps even a novel. I was expecting a news report.
Silly piece until the last sentence.
Brings to mind a recent episode of “Fargo” (Season 5) when the woman that ran a huge financial company said...
“What good is it being a billionaire if you can’t have someone killed?”.
It comes from "Nanook Rubs It" by Frank Zappa.
That if anything bad ever happens to your eyes
As a result of some sort of conflict with anyone named Nanook
The only way you can get it fixed up
Is to go trudgin' across the tundra, mile after mile
Trudgin' across the tundra
Right down to the parish of Saint Alfonzo
I guarantee the lawyers recruited the drummer as class rep to file the suit. This is the general rule in class action cases.
Hahaha, I agree...good job. It caught my eye as well when I read your post...
Trump’s fine is likely to exceed 1 billion.
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