Tesla CEO Elon Musk faced a significant legal setback this week as he lost his $56 billion pay package in one of the most substantial legal defeats in US history. The case was brought forth by an unexpected adversary, Richard Tornetta, a former heavy metal drummer. <o:p></o:p>

According to Reuters, Tornetta, who held just nine shares of Tesla when he initiated the lawsuit in 2018, emerged victorious on Tuesday when a judge deemed the massive pay deal unfair to him and all fellow Tesla shareholders.<o:p></o:p>

Tornetta's case, which began in 2018 and reached trial in late 2022, represents a noteworthy legal challenge for Musk, who had previously triumphed in various trials related to defamation, breaches of duty to shareholders, and violations of securities laws. <o:p></o:p>

Tornetta's interest in audio gear for car-customising enthusiasts, as showcased on his online presence, contrasts with the typical profile of those pursuing corporate accountability. Notably, he has shared light-hearted videos about his gadget creations and drumming performances with his metal band, "Dawn of Correction."<o:p></o:p>

Delaware, known for corporate case precedents, has seen cases led by investors with minimal shareholdings influencing US corporate law. Eric Talley, a corporate law professor, notes that law firms often collaborate with investors to bring cases on contingency. <o:p></o:p>

Tornetta, benefiting from the case like other Tesla shareholders, saves the company substantial sums that a compliant board might pay to Musk.<o:p></o:p>

Critics argue that cases initiated by individual investors may lead to potentially abusive litigation. A decade ago, Delaware faced challenges from retail investors challenging merger deals, often resulting in settlements that critics deemed meaningless. <o:p></o:p>

However, experts argue that individuals like Tornetta play a vital role in overseeing boardrooms. Large investment firms are considered better equipped for corporate litigation, but they often avoid challenging relationships on Wall Street.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

Tesla CEO Elon Musk faced a significant legal setback this week as he lost his $56 billion pay package in one of the most substantial legal defeats in US history.

Tesla CEO Elon Musk faced a significant legal setback this week as he lost his $56 billion pay package in one of the most substantial legal defeats in US history. The case was brought forth by an unexpected adversary, Richard Tornetta, a former heavy metal drummer. According to Reuters, Tornetta, who held just nine shares of Tesla when he initiated the lawsuit in 2018, emerged victorious on Tuesday when a judge deemed the massive pay deal unfair to him and all fellow Tesla shareholders. Tornetta's case, which began in 2018 and reached trial in late 2022, represents a noteworthy legal challenge for Musk, who had previously triumphed in various trials related to defamation, breaches of duty to shareholders, and violations of securities laws. Tornetta's interest in audio gear for car-customising enthusiasts, as showcased on his online presence, contrasts with the typical profile of those pursuing corporate accountability. Notably, he has shared light-hearted videos about his gadget creations and drumming performances with his metal band, "Dawn of Correction." Delaware, known for corporate case precedents, has seen cases led by investors with minimal shareholdings influencing US corporate law. Eric Talley, a corporate law professor, notes that law firms often collaborate with investors to bring cases on contingency. Tornetta, benefiting from the case like other Tesla shareholders, saves the company substantial sums that a compliant board might pay to Musk. Critics argue that cases initiated by individual investors may lead to potentially abusive litigation. A decade ago, Delaware faced challenges from retail investors challenging merger deals, often resulting in settlements that critics deemed meaningless. However, experts argue that individuals like Tornetta play a vital role in overseeing boardrooms. Large investment firms are considered better equipped for corporate litigation, but they often avoid challenging relationships on Wall Street. (With inputs from Reuters)

Elon Musk loses $56 bn pay package in legal battle led by former heavy metal drummer

Australian rockers AC/DC are mourning the band's original drummer Colin Burgess, who has died aged 77, the group said on social media.

"Very sad to hear of the passing of Colin Burgess," AC/DC wrote on Instagram, X (formerly Twitter) and Facebook late Saturday.

"He was our first drummer and a very respected musician. Happy memories, rock in peace Colin."

The posts did not disclose the cause of death.

Burgess was a founding member of the group, best known for the 1979 hit "Highway to Hell" and 1980 album "Back in Black", alongside original singer Dave Evans, bass player Larry Van Kriedt plus guitar-playing brothers Angus and Malcolm Young.

AC/DC formed in 1973, but Burgess left the following year, and was eventually replaced by the band's present drummer Phil Rudd.

Burgess also founded the rock band The Masters Apprentices, who were inducted into the Australian music industry's Hall of Fame in 1998.

Australian rockers AC/DC are mourning the band's original drummer Colin Burgess, who has died aged 77, the group said on social media. "Very sad to hear of the passing of Colin Burgess," AC/DC wrote on Instagram, X (formerly Twitter) and Facebook late Saturday.

Australian rockers AC/DC are mourning the band's original drummer Colin Burgess, who has died aged 77, the group said on social media. "Very sad to hear of the passing of Colin Burgess," AC/DC wrote on Instagram, X (formerly Twitter) and Facebook late Saturday. "He was our first drummer and a very respected musician. Happy memories, rock in peace Colin." The posts did not disclose the cause of death. Burgess was a founding member of the group, best known for the 1979 hit "Highway to Hell" and 1980 album "Back in Black", alongside original singer Dave Evans, bass player Larry Van Kriedt plus guitar-playing brothers Angus and Malcolm Young. AC/DC formed in 1973, but Burgess left the following year, and was eventually replaced by the band's present drummer Phil Rudd. Burgess also founded the rock band The Masters Apprentices, who were inducted into the Australian music industry's Hall of Fame in 1998.

Australian rockers AC/DC mourn original drummer Colin Burgess

The late Rolling Stones drummer Charlie Watts' books and jazz artefacts will be auctioned off in two parts in September, Christie's announced on Monday. More than 500 pieces from "Charlie Watts: Gentleman, Collector, Rolling Stone - Literature and Jazz" will be offered at auction, with estimates ranging from $1,023 to $383,730 for each lot.

Drummer Charlie Watts's first class book collection is going up for auction

drummer

Drummer, News on Drummer, stories on Drummer, articles on Drummer, Drummer stories at Wion, Drummer news, Drummer latest news