Elon Musk insisted in court that Tesla Inc s board controls the company but also said the electric vehicle maker would die if he wasn t the chief executive, as he ended his first day of testimony on Monday in defense of Tesla s 2016 acquisition of SolarCity. The lawsuit by union pension funds and asset managers alleges the celebrity CEO strong-armed Tesla s board of directors into depleting the company s assets with the $2.6 billion all-stock deal for SolarCity. The CEO at the time owned a roughly 22% stake in both Tesla and SolarCity, which was founded by his cousins, and some Tesla shareholders alleged the deal was aimed at bailing out Musk s investment in the solar panel company.
Elon Musk tells SolarCity trial that Tesla would die if he wasn t CEO
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Musk Defends Tesla s $2 6 Billion Deal for SolarCity
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