Tesla investors urge judge to order Musk repay $13 bln for SolarCity deal
By noreply@blogger.com (Unknown)
| REUTERS/Mike Blake/File Photo |
Tesla Inc (TSLA.O) shareholders on Tuesday asked a judge to find that Elon Musk forced the company’s board of directors into a deal for SolarCity in 2016 and wanted the CEO convicted, the electric vehicle maker one of the largest judgments in history paid $13 billion.
“This case was always about whether the acquisition of SolarCity was a bailout from financial troubles, a bailout orchestrated by Elon Musk,” said Randy Baron, a shareholders’ attorney, at the Zoom hearing.
The closing arguments listed the key findings of a 10-day trial in July when Musk spent two days at the stand defending the deal.Lawsuit from union pension funds and wealth managers alleges Musk forced Tesla’s board of directors to cut the deal to approve for cash -strapped SolarCity, in which Musk was the largest shareholder.
Musk has countered that the deal was part of a decade-old master plan to create a vertically integrated company that would transform energy generation and consumption with SolarCity’s roof panels and Tesla’s cars and batteries. Source: Tech Crunch
Evan Chesler, one of Musk’s attorneys, said at the hearing that the deal was …read more
