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Old January 24th, 2022 #68
Stewart Meadows
Senior Member
Join Date: May 2018
Posts: 21,961
Stewart Meadows

Tesla countersues JPMorgan over contract affected by Musk tweet

By Reuters
January 24, 2022

Tesla on Monday fought back against JPMorgan Chase over a disputed bond contract, countersuing the bank for seeking a “windfall” following Chief Executive Elon Musk’s notorious 2018 tweet that he might take his electric-car company private.

In a court filing, Tesla accused JPMorgan of “bad faith and avarice” for claiming it was owed $162.2 million after unilaterally changing the terms of warrants it received when Tesla sold convertible bonds in 2014.

By changing the terms, “JPMorgan dealt itself a pure windfall,” Tesla said in its countersuit filed in Manhattan federal court.