Elon Musk's expected defence of a $2.2 billion (1.75 billion pounds) deal in court was postponed on Friday from its expected Monday start, due to the coronavirus outbreak. The case relates to Tesla's purchase of SolarCity in 2016, a deal that was criticized by shareholders as benefiting Musk at the expense of Tesla Inc , and the outcome may depend as much on the chief executive's temperament as on the facts of the case. It remains to be seen which Musk will show up at a Delaware court,
The filing was part of a lawsuit by Tesla shareholders alleging the company’s board breached its duties to investors by approving the $2.6 billion acquisition of the struggling company, which was run by Musk's first cousins and of which he was a chairman and the largest stakeholder. The former SolarCity operations have been a drag on Tesla, with panel installations slumping since they were acquired. Shareholder lawsuits that survive a motion to dismiss often settle before trial, which in this
Tesla's SolarCity purchase "looks pretty awful right now."
SolarCity's third-quarter installations fall 42 percent.
Tesla Motors will no longer include ‘Motors’ in their name as they become more than just an automaker company.
It wasn't without controversy, but at last the deal is done.
Tesla offers another reason for the SolarCity deal to make sense.
The vertical integration continues. Get it?
Tesla tells the SEC it needs to raise a bit more money.
Why get a new roof to put your panels on when you could just get a solar roof?
If you owned SolarCity stock yesterday, you own Tesla stock today.
Tesla doesn't want to build more affordable EVs; it wants to haul commuters and cargo.
CtW Investments Group is demanding Tesla add two independent directors to the company's board and separate the chairman and CEO roles.
Electrek finds some Tesla trademark filings that show that all of the things that SolarCity does could be renamed with the automaker's name.
Tesla Motors' $2.8 billion offer for SolarCity would boost debt, and speed up cash-burn, analysts say.
According to an accounting by the LA Times, Tesla SpaceX and SolarCity have received $4.9 billion in government subsidies. However, Elon Musk has argued that the report was misleading.