Tesla CEO Elon Musk faced a legal setback as former thrash metal Dawn of Correction drummer Richard Tornett successfully contested Musk's staggering $56 billion pay package.
Tornetta, who owned just nine shares of Tesla, initiated the legal battle in 2018, claiming that the board had failed in its fiduciary duties to shareholders by rubber-stamping Musk's extravagant compensation.
The Tesla shareholder felt that the tycoon was being overpaid. He said shareholders were not given enough information about how easily Musk's performance goals would be achieved.
The case, which finally reached trial in late 2022, culminated in a judge ruling in favor of Tornetta on Tuesday, rendering Musk's colossal pay deal null and void.
Tornetta, who has not issued a statement, and his attorney declined to comment on the verdict.