Elon Musk wins $13B suit over Solar City deal Tesla shareholders called a ‘bailout’

Elon Musk wins $13B suit over Solar City deal Tesla shareholders called a ‘bailout’

2 years ago
Anonymous $xqL1ZTchGQ

https://techcrunch.com/2022/04/27/elon-musk-wins-13b-suit-over-solar-city-deal-tesla-shareholders-called-a-bailout/

A Delaware judge has sided with Elon Musk in a $13 billion lawsuit brought by Tesla shareholders, which accused the executive of coercing the electric vehicle company’s board into buying SolarCity back in 2016.

Seeking as much as $13 billion in damages, the shareholders alleged the SolarCity deal amounted to “a rescue from financial distress, a bailout, orchestrated by Elon Musk,” per a January statement from the plaintiff’s attorney, Randy Baron. Yet while the court concluded that Musk “was more involved in the process than a conflicted fiduciary should be,” it ultimately ruled in favor of the “technoking” on all counts. Shareholders still have the option to file an appeal.