Elon Musk has admitted that he does not like being the CEO of Tesla. Specifically, The Wall Street Journal reports on it in the following words: I hate it and would much rather spend my time designing and engineering.
In fact, Reuters said he said he “tried very hard. not to be the CEO of Tesla, but he has to, otherwise, frankly, Tesla would die. “
This is quite undermining to the rest of the Tesla team. But where do these bitter remarks come from?
These harsh statements were made when Musk stepped on the witness stand on Monday, the first day of a two-week trial in Wilmington, Delaware.
The (unintentional) CEO of Tesla is accused of forcing members of the company’s board of directors to enter into a $ 2.6 billion wholly-owned share deal to acquire the solar company SolarCity.
in a lawsuit filed by union pension funds and trusts, Musk claims that Tusk exhausted Tesla’s assets in order to save SolarCity from bankruptcy without informing shareholders of the company’s serious financial situation
At the time of the 2016 deal, Musk had a roughly 22% stake in both Tesla and SolarCity, which was founded by his cousins Lyndon and Peter Rive.
It is alleged that the CEO is diligent
Musk currently owns $ 168 billion in assets. Shareholders are asking the court to have Musk repay the 2.6 billion sum in full to Tesla. If the court rules in their favor, it will be the largest amount an individual has ever had to pay as compensation.
According to a Reuters report, Musk calmly responded to cross-questions from shareholders ’lawyer Randall Baron and, of course, denied any accusation. He told the court that he was not a member of the board of directors that managed the business. “I don’t even know what happened,” he confessed.
He also refuted the accusation that he had forced the members of the board of directors and stated that he did not settle the directors’ salaries and did not have the opportunity to to hire or fire them.
As regards the use of the transaction for personal gain, Musk testified that “there was no financial gain” as he had the same percentage stake in both companies.
He said the only goal was to connect Tesla’s battery business with SolarCity sustainable energy. Musk claimed he was unaware of the company’s financial woes.
Last year, other Tesla shareholders had already filed a lawsuit against Musk, then the stake was sixty million dollars. There was no case in the lawsuit that Musk acted in bad faith or coerced in buying SolarCity.
Industry experts say the acquisition of SolarCity was a mistake anyway – yet Tesla continues to soar, most recently on Monday. stock market price rose by four percent.
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