Elon Musk says didn’t set deal terms for Tesla acquisition of SolarCity
WILMINGTON: Elon Musk on Tuesday defended his handling of Tesla Inc’s $2.6 billion merger negotiations with SolarCity, denying claims that he dictated a price the electric vehicle maker would pay for the ailing solar panel maker.
The lawsuit by union pension funds and asset managers alleges Musk strong-armed Tesla directors in 2016 into using the company to rescue SolarCity from the brink of bankruptcy, benefiting Musk.
Musk at the time owned a 22% stake in both Tesla and SolarCity, which was founded by his cousins. The Tesla shareholders want Musk to be ordered to return the value of the deal to Tesla.
