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Technology Tesla: ELON Musk judged for the redemption of Solarcity

18:35  12 july  2021
18:35  12 july  2021 Source:   pressfrom.com

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Tesla : Elon Musk jugé pour le rachat de SolarCity © SP / TESLA Tesla: ELON MUSK judged for the redemption of Solarcity ELON MUSK is pursued by investors judging that he failed to his homework when he decided that Tesla would buy in 2016 Solarcity for $ 2.6 billion.

ELON MUSK is in the Collimator of Justice. The billionaire is found before an American court for the acquisition of Solarcity solar panel manufacturer by Tesla. It is prosecuted by investors who believe that he failed to his homework when he decided that Tesla would buy it again, in 2016, for $ 2.6 billion . His trial stands before a single judge of a delaware court, where the company is legally based, and should last about two weeks.

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ELON MUSK must testify, indicated a representative of the court without giving birth to his appearance. The Anglo-Saxon press evokes on his side an appearance in the day of Monday. The members of the Tesla Board of Directors, also pursued, have chosen to settle the case in 2020 by paying 60 million dollars, without admitting guilt. ELON MUSK did not wish to take part in this agreement. Investors who filed a complaint in a collective name against him, mainly pension funds, reproach him for not having to serve their best interests and to have ruined Tesla property by redeeming Solarcity in 2016 , even though this company was far from cost-effective and strongly indebted.

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ELON MUSK was then chairman of the Board of Directors of the two companies and had units of Solarcity, a society co-founded by two cousins ​​following his suggestion. . For the complainants, the redemption was simply a way to help Solarcity, who was ready to go bankrupt. What benefited ELON MUSK, his brother, his cousins ​​and a few people in Tesla, to the detriment of the group and his minority shareholders. They ask for damages, without specifying the amount.

The merits of the transaction had already been questioned by shareholders at the time: Tesla had lost more than $ 3.4 billion in stock market valuation during the only session following the first information on the operation . But they had ended up being convinced and give their green light.

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The trial must determine whether Elon Musk, who owned approximately 22% of the rights of vote at the time, can be considered as controlling society. If sometimes the judge of the court in question gives his decision at the end of the trial, he generally makes it in writing at a later date, "said the representative of the Tribunal.

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usr: 1
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