Elon Musk is expected to defend a $2.2 billion deal in court next week criticize...
WILMINGTON, Del. - Elon Musk is expected to defend a $2.2 billion deal in court next week 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 on Monday at a Delaware court, the nation’s leader on corporate issues, when he squares off against union pension funds and asset managers who claim they were misled about the benefits of Tesla buying SolarCity in 2016 for $2.2 billion.“If you seem arrogant in court, you may be signing your own economic death warrant,” said John Coffee, a securities professor at Columbia Law School.
Investors want Musk to surrender the 2.2 million shares of Tesla he received in the deal, which on Thursday were worth about $1.2 billion. He went on tangents about Tesla’s solar potential, lamented both the decline of U.S. manufacturing and the large size of the legal industry and asked Baron if he was only motivated by money. Baron declined to comment.
The strategy appeared to pay off when a jury ruled in Musk’s favor and rejected the $190 million claim against him.The court has its own cult-like following for its scholarly opinions that often run more than 100 pages and which have shaped Corporate America.
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