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Richard Tornetta has 9 shares.
Richard Tornetta, a minority Tesla shareholder, successfully argued that Musk’s $56 billion compensation package from the company was over the top. Getty Images
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WILMINGTON, Delaware, Feb 1 (Reuters) – Elon Musk suffered one of the biggest legal losses in U.S. history this week when the Tesla CEO was stripped of his $56 billion pay package in a case brought by an unlikely opponent, a former heavy metal drummer.
Richard Tornetta sued Musk in 2018, when the Pennsylvania resident held just nine shares of Tesla. The case eventually made its way to trial in late 2022 and on Tuesday a judge sided with Tornetta, voiding the enormous pay deal for being unfair to him and all his fellow Tesla shareholders.
Tornetta could not be reached for a comment and his attorney declined to comment.
Until Tornetta’s case, Musk prevailed in a string of trials accusing him of defamation, of breaching his duty to shareholders and of violating securities laws.
Based on his online presence, Tornetta seems to have more of an interest in creating audio gear for car-customizing enthusiasts than going after corporate excess and malfeasance.
He has posted light-hearted videos about gadgets he has created or mishaps, including describing how he torched his eyebrows.
Tornetta also turned up in videos drumming at the legendary former New York club CBGB with his now-defunct metal band “Dawn of Correction”, which described its sound as “a swift kick to the face with a steel-toed work boot.”
On social media, fans of Tesla and Musk seemed to find the case a travesty of justice and speculated about Tornetta’s intentions and political affiliations, asking how an investor with such miniscule holdings could wield such power.
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