Despite being incredibly wealthy, Elon Musk has recently lost a significant amount of money due to a lawsuit filed by a former metal drummer. Richard Tornetta, who played in the Philadelphia band Dawn Of Correction from 2005 to their disbandment in 2009, sued Musk and Tesla in 2018 for their approval of Musk’s $56 billion pay package. This lawsuit resulted in a judgment that led to Musk losing the entire amount.
According to Reuters, this $56 billion judgment is one of the largest in US history. Chancellor Kathaleen McCormick found that the approval process for Musk’s pay package was “deeply flawed,” and the company is now required to propose an alternative pay package. It’s likely that Musk will appeal the decision. This judgment could also set a precedent for executive pay in other companies, potentially leading to a new era of oversight.
It’s important to note that Richard Tornetta himself did not directly receive the $56 billion. Instead, as a shareholder of Tesla, he is benefiting from the company making more responsible use of its funds. Here’s a video of Dawn Of Correction performing at CBGB back in the day.
