Live Updates: Elon Musk On Trial Over Solar City Acquisition

  • Written by Zero Hedge
  • Published in Economics
Live Updates: Elon Musk On Trial Over Solar City Acquisition

We will be updating this post with notes and analysis as the trial progresses:

Tuesday, 7/13/2021

  • 1010 EST: "Musk has been pretty calm so far this morning but is starting to show signs of frustration, shaking his head and telling Baron his questions are 'so deceptive'," writes Bloomberg legal reporter Chris Dolmetsch. Earlier he wrote that Musk and plaintiff attorney Randy Baron had sparred "about the CEO’s involvement in the negotiations over the price of the SolarCity offer" and that "Musk denied taking part in 'any substantive discussions' about the potential stock exchange ratio for the offer".

  • 1000 EST: Bloomberg writes that as Musk resumes his testimony this morning there were "plenty of empty seats" and "almost no press in front of the courthouse in the morning". Musk began by "emphasizing his point that the combination of Tesla and SolarCity was needed in order to create an 'integrated solar battery product.'," Bloomberg reports. 

  • 0915 EST: Court is set to resume at 9:15 AM EST. 

  • 0814 EST: Ari Levy, Senior Technology Editor for CNBC, told WGRZ yesterday about Solar City that "It was burning cash - it was a very capital intensive business. It wasn't clear what their path to profitability was at the time. And so the view by many shareholders was that well this was actually a bailout of Solar City. It was Elon bailing out himself and his family members by pulling Solar City into Tesla."

  • 0800 EST: Testimony from Elon Musk is expected to continue today, followed by testimony by his brother, Kimbal Musk. 

Monday, 7/12/2021

  • 1709...

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