Courtroom graphic: Tesla CEO Elon Musk is defending Tesla’s 2016 deal for SolarCity in a trial in Delaware Chancery Court.
Photograph: Bill Hennessy/Reuters
Elon Musk appeared in court on Monday to defend Tesla’s 2016 takeover of SolarCity publicly.
During the trial, the mood between Musk and the plaintiff’s lawyer flared up dramatically.
The Tesla CEO has said he hates running the company. He would be fit to work on Wall Street.
On Monday, July 12, 2021, Elon Musk took the podium. He advocated the acquisition of troubled Solarcity, a joint stock company that designs solar energy systems. The company was founded by the cousins of the CEO of Tesla. The statement went as smoothly as one would expect from a five-hour statement from a wordless billionaire: Statements often veered off topic and in some places there were heated comments over and over again.
A group of Tesla shareholders is suing the general manager over the purchase of SolarCity. They claim that his role as the company’s president and largest shareholder is a conflict of interest, and they accuse Musk of lobbying Tesla’s board of directors to agree to the €2.2 billion purchase. Shareholders want Musk to repay 1.7 billion euros to the electric car maker. The other board members have already reached a €51m settlement.
Meanwhile, Elon Musk claims he had no control over the board when he made the decision. Fight allegations that it was a rescue, in the words of several media outlets. In addition, he reiterated that the transaction was a share-to-share transaction and he would not benefit financially from it. It has long been part of Tesla’s plan to focus on renewable energy solutions beyond producing electric cars. However, Musk has been seen arguing with chief shareholder attorney Randy Barron for much of the day, providing sparse answers. Here are the top five moments and sayings.
1. Musk “hates” running Tesla
At one point in his testimony, Elon Musk said he’d rather not be the CEO of Tesla. But he fears the company will falter without him. “I tried so hard not to be the CEO of Tesla. But I have to do it or […] Musk said out loud „Bloomberg“I hate being president. I’m an engineer more. “
This is not the first time Musk has made similar statements. In addition to his work as CEO of Tesla, he also heads the space company SpaceX, which he founded. The electric car maker itself admits in regulatory documents that it relies heavily on Musk’s business and that it would be in a difficult position if it left the company.
2. “I think you are a bad person.”
Between Musk and Barron, the attorney for the shareholders who brought the lawsuit, things went right during pre-trial interviews. Monday was no exception. When asked why his testimony was “mockery”, Musk responded by pointing to a history of criminal involvement at a law firm where Barron previously worked. “They were being led by criminals,” Musk said, according to Bloomberg. Then I kept asking criminals for advice, so I don’t respect you. I think you are a bad person.”
3. “I think I’m funny.”
The attorney asked in court whether Tesla’s board of directors agreed to change Musk’s address to “technoking” in March. Elon Musk replied that it was a joke intended to gain additional pressure for the automaker. The company doesn’t have an advertising budget, and Musk is known for taking his cues from memes and internet culture. It has generated a lot of free ads. Tesla usually does not advertise. It’s good for general sales, Musk told Reuters. “I think I’m funny,” he added.
4. Musk denied firing employees in anger
In response to allegations that the CEO fired employees in fits of anger, he replied that he “only gives clear and frank remarks that can be interpreted as absurd,” according to “Bloomberg.” Tesla is best known for its elevated circulation on the executive floor. Rumor has it that Musk has a wild orgy. Tesla denies these allegations.
5. “I have been offered many well-paid jobs on Wall Street.”
He told the court on Monday that had Elon Musk not become CEO of Tesla, he could have worked in finance. “I’ve been offered several high-paying jobs on Wall Street,” Musk was quoted as saying by Bloomberg. He said, “I refused.” The Tesla CEO did not say where he might work. But with a net worth of around €170 billion, he has also been well taken care of.
This article was translated from the English language and edited by Julia Knopf. Read the original text النص Here.