image courtesy of Getty Images Elon Musk has stated that being the CEO of Tesla is not something he enjoys. He told a US court, “I rather despise it and would much rather spend my time on design and engineering.” The billionaire founder of Tesla was appearing at the opening of a trial in which he is accused of forcing Tesla’s board members into a $2.6 billion (£1.9 billion) deal to buy a solar panel company. Shareholders believe that the carmaker’s money was spent on the purchase of SolarCity, which they claim was about to run out of cash. Mr Musk possessed a 22 percent stake in both Tesla and the solar panel company formed by his relatives at the time of the acquisition. “There was no financial advantage because it was a stock-for-stock transaction and I held virtually exactly the same percentage of each,” he explained. He also denied pressuring board members, claiming that the acquisition was part of a “master plan” to develop affordable automobiles powered by renewable energy sources. The shareholders who filed the lawsuit against Mr Musk, who Forbes estimates is worth $168 billion, have urged the court to order him to return Tesla in full. That would be one of the most significant judgments ever given against a person. Other Tesla board members resolved a lawsuit over the deal for $60 million last year. Those on the board who voted against Mr Musk did not admit to any misconduct. Investors will be keeping a close eye on the case, according to Dan Ives, an analyst at Wedbush Securities. In a note, he stated that the SolarCity merger has been a “black eye” for both Mr Musk and Tesla, as well as a “clear low light” in the company’s development. Despite this, Tesla’s stock surged on Monday, ending the day more than 4% higher. The study will last approximately two weeks. The shareholders’ counsel, Randall Baron, cautioned the entrepreneur that the case in Delaware Chancery Court was “going to be a grind.” “I can tell by the binder,” Mr Musk said, motioning to a thick folder of materials compiled by Mr Baron. Companies in the United States Elon Musk is a billionaire entrepreneur. Tesla/n
Read More
