Tesla would have died if it weren’t for the CEO – that’s what the famous head of EV company Elon Musk told the court defending his position on the Tesla-SolarCity deal.
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Musk also stressed in court that he is controlled by the company’s management, not himself. The lawsuit filed by union pension funds and asset managers alleges that Army board member Tesla Elon Musk sold out the company’s assets with a $ 2.6 billion share in SolarCity.
In a deal with SolarCity, Elon Musk owned about 22% of Tesla. This means that EV had no control stake in the manufacturer. Some Tesla shareholders complained that the SolarCity deal was aimed at rescuing the company because Musk was investing in it.
Tesla shareholders complained in the lawsuit that the money invested in SolarCity should be returned. Tesla shareholders have accused Elon Musk of dominating the EV manufacturer’s management in deal discussions. Musk complained that Tesla’s management had an impact on the acquisition of SolarCity, despite a weak deal for the company.
This lawsuit began a two-week trial in Wilmington, Delaware. Elon Musk had to appear in court before the lawsuit.
When Musk appeared in court he tried very hard not to be the CEO of Tesla. “But I need to or will actually kill Tesla,” Musk told the judge, Reuters reported. Other members of the Tesla committee and people involved in the Tesla-SolarCity agreement will testify on Tuesday. Musk will also return to the witness stand.