Tesla CEO Elon Musk wins $13 bn suit over 2016 Solar City deal
A US judge has sided with Tesla CEO Elon Musk in a hefty lawsuit brought by Tesla shareholders, which accused the executive of coercing the electric vehicle company’s board into buying SolarCity back in 2016.
According to TechCrunch, seeking as much as $13 billion in damages, the shareholders alleged that Tesla’s $2.6 billion, all-stock SolarCity deal amounted to “rescue from financial distress, a bailout, orchestrated by Elon Musk,” as per a January statement from the plaintiff’s attorney, Randy Baron.
While the court found that Musk “was more involved in the process than a conflicted fiduciary should be,” it ultimately ruled in favour of the “technoking” on all counts. Shareholders still have the option to file an appeal, the report said.
