Last week, Tesla CEO Elon Musk suffered a significant legal setback when a court nullified his US$56 billion pay package, marking one of the most substantial legal losses in US history. The suit was lodged by Richard Tornetta, a resident of Pennsylvania, who owned just nine shares in Tesla back in 2018.
The case reached trial in late 2022 and the judge sided with Tornetta last Tuesday, ruling that the colossal pay deal was unfair to him and all other Tesla shareholders. Efforts to reach Tornetta for a comment were unsuccessful and his legal representative declined to comment.
Before Tornetta’s case, Musk had successfully defended himself in a series of trials that accused him of defamation, breaking his duty to shareholders and contravening securities laws.
Interestingly, Tornetta seems to be more passionate about designing audio equipment for car-modification enthusiasts than…
