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“[The] Tesla Board meaningfully vetted the Acquisition, and Elon did not stand in its way,” read the opinion by Vice Chancellor Joseph Slights. “Equally if not more important, the preponderance of the evidence reveals that Tesla paid a fair price—SolarCity was, at a minimum, worth what Tesla paid for it,” Slights added. [34] [35] The ...
The filing was part of a lawsuit by Tesla shareholders alleging the company’s board breached its duties to investors by approving the $2.6 billion acquisition of the struggling company, which ...
Tesla bought SolarCity in 2016. The solar company was run by Elon Musk's cousins, and some Tesla shareholders argued the deal was a bailout.
Tesla founder Elon Musk took to a witness stand Monday to defend his company’s 2016 acquisition of a troubled company called SolarCity against a lawsuit that claims he’s to blame for a deal ...
On August 1, 2016, Tesla agreed to acquire SolarCity Corp. for US$2.6 billion in stock. SolarCity was then the largest installer of rooftop solar systems in the United States. [111] More than 85% of unaffiliated Tesla and SolarCity shareholders voted to approve the acquisition, [112] [113] which closed on November 21, 2016. [114]
"[The] Tesla Board meaningfully vetted the Acquisition, and Elon did not stand in its way. Equally if not more important, the preponderance of the evidence reveals that Tesla paid a fair price—SolarCity was, at a minimum, worth what Tesla paid for it," read the opinion by Vice Chancellor Joseph Slights. [84] [85]
Delaware's Supreme Court has upheld a judge’s decision in favor of Tesla CEO Elon Musk in a lawsuit challenging the electric car maker’s $2.4 billion acquisition of a solar panel company ...
The deal's announcement resulted in a more than 10% drop in Tesla's stock price; at the time, SolarCity was facing liquidity issues. [140] Multiple shareholder groups filed a lawsuit against Musk and Tesla's directors, stating that the purchase of SolarCity was done solely to benefit Musk and came at the expense of Tesla and its shareholders.