Richard Tornetta is an unlikely campaigner against one of the world’s richest men.
Until recently, the Pennsylvania resident’s biggest claim to fame was drumming in Dawn of Correction, a now-defunct thrash metal band that described its sound as “a swift kick to the face with a steel-toed work boot”.
and ruled that it should be reversed, saying Tesla’s board had acted like “supine servants of an overweening master”.Tornetta has remained silent, but his lawyer called the decision a “good day for the good guys”.To pay out, it required Tesla to hit a series of what then seemed like outlandish targets, including a tenfold increase in its valuation to $US650 billion and a leap in sales that was viewed as ludicrous within the scheme’s 10-year timeframe.
Tornetta owned just nine shares of Tesla when he sued the electric car maker six years ago, claiming a $US56 billion pay scheme awarded to the company’s chief executive Elon Musk was excessive. Shares in the company have fallen by 30 per cent this year and last month the company reported its biggest drop in sales in more than a decade.
Last week, the investing website eToro said 24 per cent of Tesla shareholders on its platform had voted with three weeks to go until the meeting. Robyn Denholm, Tesla’s chairman, has compared the task of winning approval to climbing Mount Everest. In recent weeksto encourage institutional shareholders such as Vanguard, State Street and BlackRock to support the proposals.
Shares in the company have fallen by 30 per cent this year and last month the company reported its biggest drop in sales in more than a decade.Last week a set of shareholders including the British union Unison, wealth manager Nordea and New York City public pension funds urged other investors to vote against the proposals. They said that Musk was distracted, writing: “The board has yet to ensure that Tesla has a full-time CEO.
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