New court filings revealed that Tesla is currently fighting a $162 million lawsuit from JPMorgan over some expired warrants that the bank claims were affected by Elon Musk’s “funding secured” tweet in 2018.
Even three years later, Musk’s failed attempt to bring Tesla private that started with a tweet that announced that the funding for the transaction was “secured” is still haunting the company.
A new lawsuit has revealed that JPMorgan had warrants on Tesla back in 2018, and they adjusted the strike price of those warrants when Musk made those tweets.
They believe they were “contractually required” to do so as they see the tweets as “amounting to a significant corporate transaction.”
They wrote in the lawsuit filed Monday in Manhattan federal court:
“Even though JPMorgan’s adjustments were appropriate and contractually required, Tesla has refused to settle at the contractual strike price and pay in full what it owes to JPMorgan. Tesla is in flagrant breach of its contractual obligations. As a result, more than $162 million is immediately due and payable to JPMorgan by Tesla.”
Tesla has yet to respond to the lawsuit, but the bank did disclose that Tesla told them in 2019 that the price changes were “unreasonably swift and represented an opportunistic attempt to take advantage of changes in volatility in Tesla’s stock.”
It sounds like the bank and Tesla have been privately fighting over who has to flip the $162 million bill and now they are going to figure it out in court.
This is just the latest of a series of legal actions taken against Tesla and Musk over the latter’s brief effort to take the former private in 2018.
It’s worth noting that Musk was trying to take Tesla private at $420 a share pre-stock split.
It valued Tesla at around $70 billion at the time.
Today, just a few years later, Tesla’s stock trades at a valuation of over $1 trillion.
Subscribe to Electrek on YouTube for exclusive videos and subscribe to the podcast.
buy lasuna tablets – buy himcolin pill buy generic himcolin online
Thanks for the comprehensive overview. Very helpful!
cheap gabapentin online – order neurontin 100mg pills order sulfasalazine 500 mg without prescription
purchase probalan for sale – order carbamazepine 400mg online tegretol 400mg over the counter
buy generic celecoxib 100mg – purchase celecoxib without prescription indocin tablet
buy colospa 135mg generic – order pletal pills brand cilostazol
voltaren cost – buy diclofenac 100mg without prescription aspirin 75mg sale
pyridostigmine without prescription – order mestinon online cheap imuran 25mg price
order generic baclofen 25mg – order baclofen 25mg generic feldene 20 mg over the counter
voveran online buy – nimotop where to buy generic nimotop
order periactin generic – brand zanaflex tizanidine 2mg uk
meloxicam 15mg sale – ketorolac where to buy buy toradol generic
trihexyphenidyl drug – buy trihexyphenidyl without prescription buy diclofenac gel for sale
isotretinoin 40mg cheap – order avlosulfon generic order deltasone 5mg generic
prednisone 10mg sale – zovirax creams buy generic zovirax online
buy permethrin cream for sale – oral permethrin buy retin cream sale
cost betnovate – order differin for sale monobenzone medication
metronidazole 200mg canada – buy flagyl online buy cenforce sale
buy augmentin online cheap – levothyroxine order cheap levothroid without prescription
buy cleocin sale – clindamycin brand oral indocin 50mg
losartan 50mg tablet – cozaar 25mg us buy cephalexin cheap
buy generic eurax for sale – mupirocin cream aczone price
buy provigil online cheap – buy generic phenergan for sale meloset 3 mg usa
buy zyban 150mg generic – shuddha guggulu cheap shuddha guggulu brand
progesterone 100mg over the counter – buy ponstel without a prescription order fertomid sale
order estradiol 2mg sale – order anastrozole 1 mg online arimidex 1mg canada
гѓ—гѓ¬гѓ‰гѓ‹гѓійЂљиІ© 安全 – г‚ўг‚ёг‚№гѓгѓћг‚¤г‚·гѓі гЃЇйЂљиІ©гЃ§гЃ®иіј г‚ёг‚№гѓгѓћгѓѓг‚ЇйЊ 500mg еј·гЃ•