Billy Idol is set to be honored with a lifetime achievement award at the American Music Awards on May 25, the show’s producer Dick Clark Productions announced on Thursday. Idol joins other stars like Diana Ross and Rod Stewart in receiving the honor, which comes just weeks after the punk rock icon was named an inductee into this year’s Rock & Roll Hall of Fame class alongside other stars including Phil Collins, Oasis and Wu-Tang Clan to name a few. “Billy Idol is a true rock legend whose influence has transcended generations and genres,” DCP’s evp of Television Barry Adelman and sip of programming and development Alexi Mazareas said in a statement. “From his groundbreaking music to his electrifying stage presence, Billy has left an indelible mark on popular culture and the music industry.…