Some shareholders of the American electric car manufacturer Tesla are demanding that the head of the company Elon Musk return the shares worth 13 billion dollars (280 billion crowns), which he acquired as part of the takeover of the solar panel manufacturer SolarCity. According to them, the court should conclude that Musk forced Tesla’s board of directors to make this acquisition. Reuters reported.
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“In this case, it has always been a question of whether the acquisition of SolarCity was a bailout prepared by Elon Musk,” shareholder attorney Randy Baron said at a court hearing today. Musk was SolarCity’s largest shareholder at the time of the acquisition.
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The $ 2.6 billion acquisition of SolarCity was signed in 2016. Tesla paid the purchase price in its shares, which have risen sharply since then. The shares acquired by Musk in this transaction are currently worth about $ 13 billion.
Muk’s lawyers claim that the transaction was not financial aid and that SolarCity was far from insolvency. According to Musek, the acquisition was part of a longer-term plan to create a group that would bring about a change in the way electricity is produced and consumed through Tesla electric cars and batteries and SolaCity solar panels.
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