Musk tells SolarCity trial that Tesla would 'die' if he wasn't CEO
The Peninsula
WILMINGTON, Del - Elon Musk insisted in court on Monday that Tesla Inc's board controls the company but said the electric vehicle maker would "die" if he wasn't the chief executive, as he testified in defense of Tesla's 2016 acquisition of SolarCity.
The 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, which was running out of cash. Musk at the time owned a 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.More Related News