Tesla Countersues JPMorgan Over Contract Affected By Elon Musk's Tweet
NDTV
Tesla accused JPMorgan of "bad faith and avarice" for claiming it was owed $162.2 million after unilaterally changing the terms of warrants it received when Tesla sold convertible bonds in 2014.
Tesla Inc on Monday fought back against JPMorgan Chase & Co over a disputed bond contract, countersuing the bank for seeking a "windfall" following Chief Executive Elon Musk's notorious 2018 tweet that he might take his electric car company private.
In a court filing, Tesla accused JPMorgan of "bad faith and avarice" for claiming it was owed $162.2 million after unilaterally changing the terms of warrants it received when Tesla sold convertible bonds in 2014.
By changing the terms, "JPMorgan dealt itself a pure windfall," Tesla said in its countersuit filed in Manhattan federal court.
"JPMorgan pressed its exorbitant demand as an act of retaliation against Tesla both for it having passed over JPMorgan in major business deals and out of senior JPMorgan executives' animus toward Mr. Musk," it added.
