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It writes the financial newspaper The Wall Street Journal.
On Monday last week, the news came that the major bank JPMorgan is suing Tesla for 162.2 million dollars. The bank believes that Tesla has broken a contract related to subscription rights after the share price rose sharply.
In the wake of the lawsuit, a feud between top executives Elon Musk and Jamie Dimon in JPMorgan comes to light.
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A star on Yelp
According to the Wall Street Journal, Musk has despised Dimon for years. Musk has used banks other than JPMorgan, while the Tesla empire has gradually grown. At one point, the bank approached Tesla with an offer, which was flatly rejected by Musk.
The bank, for its part, has recently signed a contract with Tesla’s arch-rival Rivian Automotive, which produces electric trucks.
According to the newspaper, the two top managers have tried to become friends over the years – but constantly failed. Both are known for running public dirty laundry against their rivals. But while Dimon has often regretted his behavior, Musk has stood his ground.
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The lawsuit now is about a case from 2014.
“We have given Tesla several opportunities to fulfill the contractual obligations. Therefore, it is unfortunate that they have forced this case into the court system “, JPMorgan writes in a statement.
“If JPMorgan does not file a lawsuit, I’ll have to give them a star on Yelp,” Musk responded to the Wall Street Journal.
“This is my last warning,” Musk claims.
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Yelp is a website where ordinary people review and comment on shops and restaurants.
The apple of strife
According to the lawsuit, Tesla sold subscription rights to JPMorgan, which would provide a return if the predetermined price was lower than the actual market value of Tesla’s shares when the subscription rights expired in June and July 2021, writes NTB.
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Tesla’s share price had risen by about ten times when the subscription rights expired, and JPMorgan believes Tesla is obliged to deliver either a share of its shares or money.
Tesla has, according to the bank, refused to pay the extra amount to which they were obliged.(Terms)Copyright Dagens Næringsliv AS and / or our suppliers. We would like you to share our cases using a link, which leads directly to our pages. Copying or other use of all or part of the content may only take place with written permission or as permitted by law. For additional terms look here.
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