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Judge rules for Elon Musk in $13 billion lawsuit over Tesla-SolarCity deal

Tesla shareholders had accused Musk of coercing Tesla’s board into buying SolarCity, a struggling rooftop solar panel maker, to rescue his investment, and had sought up to $13 billion in damages.

April 28, 2022 / 06:57 AM IST
Twitter could make an announcement on Elon Musk's offer by or before Thursday.

Twitter could make an announcement on Elon Musk's offer by or before Thursday.

Tesla Inc Chief Executive Officer Elon Musk did not breach his fiduciary duty to the electric vehicle maker in 2016 when it acquired SolarCity Corp, where Musk was chairman and the largest shareholder, a Delaware judge ruled on Wednesday.

Tesla shareholders had accused Musk of coercing Tesla’s board into buying SolarCity, a struggling rooftop solar panel maker, to rescue his investment, and had sought up to $13 billion in damages.

Musk is tapping his vast fortune to acquire Twitter Inc, which accepted his $44 billion offer on Monday.



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Reuters
first published: Apr 28, 2022 06:57 am
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