Elon Musk on trial for Solar City rescue. What’s happening, step by step
Musk goes on trial, accused by Tesla shareholders themselves. Elon Musk is the first witness in the process to defend his role in bailing out SolarCity through Tesla's acquisition of the company. The acquisition took place for a valuation of $ 2.6 billion. Shareholders are suing the tech mogul and Tesla board members claiming that Musk and his family were beneficiaries of this deal / bailout and that they were among the solar panel company's largest shareholders. Basically Musk would use Tesla shareholder money to do his own business by bailing out his own company.
Shareholders also said Musk and board members failed to disclose relevant details of the deal and violated their fiduciary responsibilities. Union pension funds and wealth managers who are leading the case are seeking compensation from Musk himself based on profits made in Solarcity
Elon Musk has denied having any personal interests in SolarCity, having taken part in any discussion regarding his rescue. Speaking of his presence in Tesla, he even stated that he never wanted to be the CEO of Tesla and that his training is that of an engineer, therefore a technician. words that were contested by the counterparty that showed how Elon controlled 22% of SolarCity and rumors in which it was claimed that he had entered the company driven by the growth prospects of the sector.
In the coming days we will have new testimonies, therefore, with a certain speed, the sentence. Musk risks having to pay a certain amount of money …
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The article Elon Musk on trial on the Solar City rescue. What is happening, step by step comes from ScenariEconomici.it .
This is a machine translation of a post published on Scenari Economici at the URL https://scenarieconomici.it/elon-musk-sotto-processo-sul-salvataggio-solar-city-che-sta-accadendo-passo-passo/ on Tue, 13 Jul 2021 17:13:49 +0000.