Musk tells SolarCity trial that Tesla would 'die' if he wasn't CEO

Reuters2021-07-13

WILMINGTON, Del. (Reuters) - Elon Musk insisted in court that Tesla Inc's board controls the company but also said the electric vehicle maker would "die" if he wasn't the chief executive, as he ended ...

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Comments

Otaku_Hui88
2021-07-13
Otaku_Hui88
Taking great gumption and determination to have dragged $tsla through production he’ll back in the day. Now it’s a cash flow generating machine and even more so when FSD subs kick in! Let the good times roll~
ZEROHERO
2021-07-13
ZEROHERO
Elon Musk tweeted that he “reached out” to Apple Chief Executive Tim Cook during Tesla's “darkest days” in 2017 to propose that Apple buy the electric carmaker. But Tim wasbusy cooking in the kitchen.
Wawa543
2021-07-13
Wawa543
Wow

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(Reuters) - Elon Musk insisted in court that Tesla Inc's board controls the company but also said the electric vehicle maker would \"die\" if he wasn't the chief executive, as he ended ...</p>\n\n<a href=\"https://finance.yahoo.com/news/musk-testify-defense-teslas-2-100251515.html\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"TSLA","symbol_name":"特斯拉","start_time":0,"source_url":"https://finance.yahoo.com/news/musk-testify-defense-teslas-2-100251515.html","article_id":"1146210714","we_media_id":null,"thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=1146210714","pubTimestamp":1626159630,"columns":[],"sourceInfo":{"source_id":"lsy1612507957220","name":"finance.yahoo"},"weMediaInfo":null,"summary":"WILMINGTON, Del. (Reuters) - Elon Musk insisted in court that Tesla Inc's board controls the company","collect":0,"end_time":0,"defaultTopTitle":"yahoo.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"TSLA":"特斯拉"},"translate_title":"马斯克告诉SolarCity审判，如果他不是首席执行官，特斯拉会“死”","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"TSLA":0.9},"content_text":"WILMINGTON, Del. (Reuters) - Elon Musk insisted in court that Tesla Inc's board controls the company but also said the electric vehicle maker would \"die\" if he wasn't the chief executive, as he ended his first day of testimony on Monday in defense of Tesla's 2016 acquisition of SolarCity.\nThe lawsuit by union pension funds and asset managers alleges the celebrity CEO strong-armed Tesla's board of directors into depleting the company’s assets with the $2.6 billion all-stock deal for SolarCity.\nThe CEO at the time owned a roughly 22% stake in both Tesla and SolarCity, which was founded by his cousins, and some Tesla shareholders alleged the deal was aimed at bailing out Musk's investment in the solar panel company.\nKicking off a two-week trial in Wilmington, Delaware, Musk, wearing a dark suit, white shirt and a slightly askew dark tie, testified that he has tried \"very hard not to be the CEO of Tesla, but I have to or frankly Tesla is going to die.”\nBoard members and others involved in the deal will testify beginning as soon as Tuesday, when Musk will also return to the witness stand.\nThe lawsuit accuses Musk of dominating the board's deal discussions, pushing Tesla to pay more for SolarCity and misleading shareholders about the company's deteriorating financial health.\nMusk told the court that the Tesla board handled the SolarCity deal and he was not part of the board committee that negotiated the terms.\n\"I don't even know what happened,\" he testified.\nMusk responded calmly during cross-examination from shareholder attorney Randall Baron, but Baron's yes or no questions often elicited lengthy, meandering responses. At one point Musk called the lawyer \"a bad human being.\"\nBaron asked if the board vetted his Technoking title, which he gave himself in March.\n“It generated a whole bunch of free press and Tesla doesn’t advertise and it’s helpful to general sales,” he said. He called the title a joke: “I think I’m funny.”\nShares of Tesla closed up about 4.4% on Monday at $685.75.\nCentral to the case are claims that despite his minority stake, Musk was a controlling shareholder of Tesla due to his ties to board members and domineering style. That designation would impose a tougher legal standard and increase the likelihood that the court would conclude the deal was unfair to shareholders.\nShareholders have asked the court to order Musk, one of world's richest people, to repay to Tesla what it spent on the deal.\nMusk was initially questioned for about an hour by his attorney, Evan Chesler, who asked him to describe his relationship with the board.\n“I’d say good,\" Musk replied. \"They work hard and are competent. They provide good advice and are rigorous in acting on behalf of shareholders.”\nHe said he did not set pay for directors or have the ability to fire or hire them. He also said that because he owned the same percentage of stock in both companies and there was no cash involved in the deal, he didn't benefit. 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Now it’s a cash flow generating machine and even more so when FSD subs kick in! Let the good times roll~&nbsp;","listText":"Taking great gumption and determination to have dragged $tsla through production he’ll back in the day. Now it’s a cash flow generating machine and even more so when FSD subs kick in! Let the good times roll~&nbsp;","text":"Taking great gumption and determination to have dragged $tsla through production he’ll back in the day. Now it’s a cash flow generating machine and even more so when FSD subs kick in! Let the good times roll~","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/142499135","repostId":1146210714,"repostType":2,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":142568138,"gmtCreate":1626162495824,"gmtModify":1703754569908,"author":{"id":"3566532164444643","authorId":"3566532164444643","name":"ZEROHERO","avatar":"https://static.tigerbbs.com/62813b6df1c4722e559d112fadd5486a","vip":2,"crmLevel":8,"crmLevelSwitch":1,"idStr":"3566532164444643","authorIdStr":"3566532164444643"},"htmlText":"Elon Musk tweeted that he “reached out” to Apple Chief Executive Tim Cook during Tesla's “darkest days” in 2017 to propose that Apple buy the electric carmaker. But Tim wasbusy cooking in the kitchen.","listText":"Elon Musk tweeted that he “reached out” to Apple Chief Executive Tim Cook during Tesla's “darkest days” in 2017 to propose that Apple buy the electric carmaker. But Tim wasbusy cooking in the kitchen.","text":"Elon Musk tweeted that he “reached out” to Apple Chief Executive Tim Cook during Tesla's “darkest days” in 2017 to propose that Apple buy the electric carmaker. But Tim wasbusy cooking in the kitchen.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/142568138","repostId":1146210714,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":142511057,"gmtCreate":1626160611379,"gmtModify":1703754541924,"author":{"id":"4089070683449600","authorId":"4089070683449600","name":"Wawa543","avatar":"https://static.tigerbbs.com/1d82288daff4564fce146b952c5d61b5","vip":1,"crmLevel":1,"crmLevelSwitch":0,"idStr":"4089070683449600","authorIdStr":"4089070683449600"},"htmlText":"Wow&nbsp;","listText":"Wow&nbsp;","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/142511057","repostId":1146210714,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"}],"isCommentEnd":false,"newsSizeData":{"likeSize":26,"commentSize":3,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.3","shortVersion":"4.29.3","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/1146210714"}