Stock Groups

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

by Mike Robinson

[ad_1]

© Reuters. FILEPHOTO: Elon Musk (SpaceX founder) looks on during a visit to the Gruenheide gigafactory, located near Berlin. This was May 17, 2021. REUTERS/Michele Tantussi

Tom Hals

(Reuters). -Tesla Inc Chief Operating Officer Elon Musk did nothing to breach his fiduciary duties towards the electric vehicle manufacturer in 2016 when it purchased SolarCity Corp. Musk was Chairman and largest shareholder of the latter company, a Delaware judge ruled.

Tesla shareholders (NASDAQ:) had charged Musk with coercing Tesla board members into purchasing SolarCity, a failing rooftop solar panel manufacturer, in order to save his investment. They sought damages of up to $13 Billion.

Musk taps his enormous fortune to purchase shares Twitter Inc (NYSE) accepted Monday’s $44 Billion offer.

[ad_2]