Min menu

Pages

Tesla: Elon Musk ‘rather hates’ being company boss

Elon Musk has revealed that he doesn't enjoy being the boss of Tesla.


"I rather hate it and that i would much like better to spend my time on design and engineering," he told a US court.


Tesla's billionaire founder was speaking at the beginning of an attempt where he's accused of pressuring the firm's board members into a $2.6bn (£1.9bn) deal to shop for a solar array firm.


Shareholders claim the carmaker's money was wasted on buying SolarCity, which - they assert - was running out of cash .


At the time of the deal, Mr Musk owned a 22% stake in both Tesla and therefore the solar array company, which was founded by his cousins.


"Since it had been a stock-for-stock transaction and that i owned almost precisely the same percentage of both there was no gain ," he said.


'All a part of a master plan'

He also denied exerting pressure on board members, saying that the deal was a part of a "master plan" to make affordable vehicles with green power supplies.


Shareholders bringing the case against Mr Musk, who is worth $168bn consistent with Forbes, have asked the court that he repay Tesla the $2.6bn fully . that might be one among the most important ever judgements against a private .


Last year, other board members at Tesla settled a lawsuit over the deal for $60m. Those board members, who excluded Mr Musk, didn't admit any wrongdoing.


Dan Ives, an analyst at Wedbush Securities, said that investors would be watching the case very closely.


The SolarCity deal has been a "black eye" for both Mr Musk and Tesla and a "clear low light" within the company's rise, he wrote during a note.


Despite that, Tesla shares rose on Monday, closing quite 4% higher.


The trial is predicted to last about fortnight . Randall Baron, the attorney for the shareholders, warned the entrepreneur that the case being heard in Delaware Chancery Court was "going to be a grind".


Gesturing to a thick folder of documents prepared by Mr Baron, Mr Musk replied: "I can tell by the binder."


sourcehere


Reactions:

Comments