Musk braces for multi-billion-dollar battle with heavy metal drummer — via drivingdotca Autonews
It is unclear why Tornetta brought the case. He did not respond to a request for comment and his attorneys declined to comment.
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. The disputed pay package allows Musk to buy 1 per cent 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 US$1 trillion from US$50 billion, according to court papers.
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