January 19th, 2022
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#62
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Senior Member
Join Date: May 2018
Posts: 37,993
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Quote:
Tesla investors urge judge to order Musk repay $13 bln for SolarCity deal
By Tom Hals
January 18, 2022
WILMINGTON, Del, Jan 18 (Reuters) - Tesla Inc (TSLA.O) shareholders urged a judge on Tuesday to find Elon Musk coerced the company's board into a 2016 deal for SolarCity and asked that the chief executive be ordered to pay the electric vehicle company one of the largest judgments ever of $13 billion.
"This case has always been about whether the acquisition of SolarCity was a rescue from financial distress, a bailout, orchestrated by Elon Musk," Randy Baron, an attorney for shareholders, told the Zoom hearing.
The closing arguments recounted key findings from a 10-day trial in July when Musk spent two days on the stand defending the deal.
The lawsuit by union pension funds and asset managers alleges that Musk strong-armed the Tesla board into approving the deal for the cash-strapped SolarCity, in which Musk was the top shareholder.
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https://www.reuters.com/business/tel...al-2022-01-18/
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