Things are going really well for new Twitter owner Elon Musk. From trying to roll out a paid service that verifies anyone (with hilariously bad results), to upper management quitting, to being monitored by the Federal Trade Comission, the dude has more than enough to handle. Well, until today.
Now he's getting sued by former Dawn Of Correction drummer Richard Tornetta for $56 billion. Tornetta, a shareholder of Musk's vehicle company Tesla, originally filed a shareholder derivative lawsuit against Musk in 2018 seeking to strip him of a $56 billion Tesla Inc. pay package. Reuters reports that Tornetta is not seeking any monetary gain for himself in the lawsuit.
Musk originally sought to have the case thrown out in 2019, failed, and will begin a week-long trial starting November 14 in Wilmington, DE with Musk himself giving testimony.
"Tornetta's lawsuit alleges Musk dictated the pay package's terms to a board of directors beholden to the billionaire and claims it was then put to a vote of shareholders who were misled about the difficulty of reaching certain targets," reads a description of the situation by Reuters reporters Tom Hals and Hyunjoo Jin.
"The disputed pay package allows Musk to buy 1% of Tesla's stock at a deep discount each time escalating performance and financial targets are met; otherwise Musk gets nothing. Tesla has hit 11 of the 12 targets as its value ballooned briefly to more than $1 trillion from $50 billion, according to court papers. Musk and the directors argue in court filings that the package kept Musk focused on Tesla during a difficult period and led to a 10-fold rise in the stock price."
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