[ad_1]
Investors and pension funds leading the lawsuit have complained that Tesla CEO Elon Musk and company management violated their fiduciary duties when they agreed to buy SolarCity.
Elon Musk managed to stay calm as Tesla Inc. celebrated its second and final day on what SolarCity took over in 2016.
Musk, the first and foremost witness in the case, frequently spoke with the plaintiffs’ attorney about eight hours before the witness. But there was no theatrical moment among the chief authorities.
He was the second richest man in the world to be president of the two companies and the largest shareholder at the time the deal was made, and the trial focused on what role he played in encouraging his committee and shareholders to support him.
Investors and pension funds that are suing the lawsuit have complained that Musk and Tesla management violated their fiduciary duties when they agreed to buy an installer that put the roof solar panel in an hour-long struggle. Musk is the only defendant. The rest of the management paid $ 60 million last year.
The trial is expected to last a total of two weeks. If Musk wins, and the judge sees that the deal was a legal transaction, Teflon Elon will largely be another example of escaping the consequences. If he loses, Musk would order him to punch in his pocket to return about $ 2 billion that Tesla took out for SolarCity. The success of his reputation as a technology titan would almost always be a success.
Randy Baron, the plaintiffs ’attorney, spent much of Tuesday on Musk’s role in negotiating the price of SolarCity and recorded videos of the video recordings of bankers involved in the $ 2 billion deal.
Musk kept quiet a lot, but he was definitely disappointed with the line of questioning. “Your questions are very misleading and it’s silly,” Musk said at one point.
In a testimony Monday, Musk said he had little involvement in the commission’s review of the SolarCity deal, but Baron said he hired lawyers on Tuesday to focus on the deal, even though the then-Tesla committee was not interested. The billionaire held weekly meetings to encourage the pace of responsible efforts needed to purchase SolarCity.
Musk did not like to be characterized by Baron as a “cabal” of bankers and lawyers at meetings — he did not have council members.
“You have a habit of using language that isn’t accurate,” Musk said. “You’re trying to guess what kind of conspiracy. It’s not good. “
Tesla would win the deal even if it bought and shut down SolarCity, Musk said.
“The cash flow is 50% higher than the amount we paid $ 3 billion,” Musk said. “Even if we bought SolarCity and closed it completely, we would get $ 3 billion in exchange for $ 2 billion. This doesn’t go unnoticed.”
On Monday he repeatedly confused with Musk Baron, calling him a “bad man”. He also made some surprising statements, including saying that he didn’t like being the CEO.
Kimbal Musk, Musk’s younger brother, is the next witness to testify. Kimbal Musk is on the boards of Tesla and SpaceX.
This is the so-called shareholder-derived action, where the shareholders act to protect the company. If the lawsuit is successful, the profits will go to Tesla, not to the shareholders who filed the lawsuit.
Where Musk often goes to his beloved Tesla and SpaceX fans, there were few indications in favor of the courtrooms in Wilmington, Delaware, this week. One man watched the trial with a “Occupy Mars” T-shirt, but otherwise the audience was few. The trial had to be adjourned on Tuesday for two hours because someone in court threw it at him.
[ad_2]
Source link
