Union pension funds and asset managers who filed the case want Tesla to pay $2.6 billion in deal costs on Musk’s behalf. If pension funds and asset managers win in this case, it will be one of the biggest decisions against an individual.
Is Musk the unique controlling shareholder who doesn’t have a majority stake?
A two-week hearing in Delaware’s court will decide whether Musk, who held about 22 percent of Tesla during the deal, is the only unique controlling shareholder who doesn’t have a majority stake. Tulan University Law School professor Ann Lipton said, “I think it would be very difficult for the court to ignore the reality of Elon Musk’s relationship with Tesla.” Due to their personal relationships with the board members and financial dealings of those board members with SolarCity, this matter can reach an unforeseen situation.
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Tesla’s business has grown rapidly in recent years
Tesla’s business, which is included in the world’s largest electric car companies, has grown rapidly in recent years. However, the company has also faced controversy in many countries including the US. Musk remains in the limelight for his outspoken remarks, mocking regulators and engaging with his nearly 57 million Twitter followers.