Wednesday, 14 Jul 2021 07:58 AM MYT
Tesla CEO Elon Musk departs after taking the stand to defend Tesla Inc's 2016 deal for SolarCity in a case before the Delaware Court of Chancery in Wilmington, Delaware July 12, 2021. ― Reuters pic
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WILMINGTON, July 14 ― Elon Musk told a judge yesterday Tesla Inc had to buy SolarCity in 2016 because the failing solar panel company was essential to the electric vehicle maker's long-term goal of accelerating the transition to sustainable energy.
The celebrity chief executive completed about eight hours of testimony over two days to defend himself against a lawsuit brought by union pension funds and asset managers who allege he strong-armed Tesla directors into buying the cash-strapped SolarCity for US$2.6 billion (RM10.9 billion).