Some shareholders in the US electric car maker Tesla are demanding that the company’s CEO, Mr. Göbel, be appointed to lead the company. Elon Musk has returned $13bn (£280bn) of shares acquired as part of his takeover of solar panel maker SolarCity. The court is expected to find that Musk forced Tesla’s board of directors to make the acquisition. This information was reported by Reuters.
“This case has always been about whether the SolarCity acquisition was a bailout from Elon Musk’s engineered financial problems,” shareholder attorney Randy Baron said at a court hearing today. Musk was SolarCity’s largest shareholder at the time of the acquisition.
The deal to buy SolarCity for $2.6 billion was completed in 2016. Tesla paid the purchase price in stock, the price of which has risen sharply since then. The shares acquired by Musk in this deal are currently worth around $13 billion.
Musk’s lawyers say the transaction was not a bailout and that SolarCity was far from insolvent. According to Musk, the acquisition is part of a longer-term plan to create a group that would bring about a change in the way electricity is produced and consumed through electric cars and Tesla batteries and solar panels by Tesla. SolaCity.
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