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This guy Musk just amazes me on how he is the true Snake Oil Salesman of modern times. And yeh yeh heās created some Space stuff but come on heās part of the Electric Car Revolution. He was the first to get a huge beyond huge Government Subsidy to create the so called āpeopleās carā and affordable as wellš³. Well uhm back to reality he hasnāt accomplished that and hasnāt accomplished the Solar City business plan as well. And in the meantime he gets paid millions upon millions by all the ICE AGE manufacturers for Carbon Credits. Wow if you havenāt looked into how much money he collects itās a total smoke and mirrors business plan he has for Tesla. And us Ice Age supporters unfortunately support the Electric man as well. And now the latest raise your eyebrow business dealings are questionable. And doesnāt this seem to be a broken record on the always āquestionableā business transactions? Anyways read away whatās now happening and think about how all the Major Manufacturers have never been in a rush to build the Electric Golf Carts but yet Musk pushed it to as usual REWARD himself and not the PEOPLE. Uh yeh itās the Peopleās car NO itās Elon Musks PIGGY BANK. Have you noticed that ugly ass SUV looks just like your old PIGGY BANKš
Elon Musk Defends Purchase of SolarCity in Court
Plaintiffs allege that the billionaire entrepreneur led Tesla to overpay for the home-solar company in 2016
WILMINGTON, Del.ā Tesla Inc. TSLA +3.54%Chief Executive Elon Musk on Monday defended the electric-vehicle makerās purchase of SolarCity Corp. in court, telling a Delaware judge that he didnāt act improperly during the negotiating process.
The case dates back to 2016, when Mr. Musk was chairman of both the then-unprofitable companies. His solution to improve their outlook: combine them in a roughly $2.1 billion tie-up to establish a single clean-energy business. Plaintiffs, which include several pension funds that owned Tesla stock, have characterized the deal as a scheme to benefit himself and bail out a home-solar company on the verge of insolvency.
Mr. Musk was the opening witness called in Delaware Chancery Court in a nonjury trial that is expected to run about two weeks. The attorneys for Mr. Musk have framed the acquisition as an opportunity to realize his long-held goal of creating a vertically integrated sustainable energy company.
A primary question in the case is whether Mr. Musk, who owned roughly 22% of Tesla at the time, controlled the transaction. Proving that claim is a challenge because Mr. Musk was a minority shareholder of Tesla and the companyās shareholders approved the acquisition. Lawyers for Mr. Musk have said that SolarCity was worth more than Tesla paid for it and the electric-vehicle makerās board members, who included Mr. Muskās brother, Kimbal Musk, acted independently.
Other issues before the judge include whether Tesla board members were conflicted and whether vital information about the deal was withheld from shareholders. Mr. Musk said Monday that an independent director handled the negotiation and that Teslaās directors even overruled his proposal that Tesla provide temporary financing to SolarCity before the deal went through.
Elon Musk Defends Purchase of SolarCity in Court
Plaintiffs allege that the billionaire entrepreneur led Tesla to overpay for the home-solar company in 2016
WILMINGTON, Del.ā Tesla Inc. TSLA +3.54%Chief Executive Elon Musk on Monday defended the electric-vehicle makerās purchase of SolarCity Corp. in court, telling a Delaware judge that he didnāt act improperly during the negotiating process.
The case dates back to 2016, when Mr. Musk was chairman of both the then-unprofitable companies. His solution to improve their outlook: combine them in a roughly $2.1 billion tie-up to establish a single clean-energy business. Plaintiffs, which include several pension funds that owned Tesla stock, have characterized the deal as a scheme to benefit himself and bail out a home-solar company on the verge of insolvency.
Mr. Musk was the opening witness called in Delaware Chancery Court in a nonjury trial that is expected to run about two weeks. The attorneys for Mr. Musk have framed the acquisition as an opportunity to realize his long-held goal of creating a vertically integrated sustainable energy company.
A primary question in the case is whether Mr. Musk, who owned roughly 22% of Tesla at the time, controlled the transaction. Proving that claim is a challenge because Mr. Musk was a minority shareholder of Tesla and the companyās shareholders approved the acquisition. Lawyers for Mr. Musk have said that SolarCity was worth more than Tesla paid for it and the electric-vehicle makerās board members, who included Mr. Muskās brother, Kimbal Musk, acted independently.
Other issues before the judge include whether Tesla board members were conflicted and whether vital information about the deal was withheld from shareholders. Mr. Musk said Monday that an independent director handled the negotiation and that Teslaās directors even overruled his proposal that Tesla provide temporary financing to SolarCity before the deal went through.
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