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Musk begins to testify in defense of Tesla's deal for SolarCity



(Reuters) – Elon Musk took the position on Monday to defend Tesla Inc's acquisition of SolarCity 2016 against a lawsuit filed by shareholders seeking to recoup the $ 2.6 billion the company paid for the sick solar panel maker.

"Pretoria, South Africa," Musk said, answering the first question about where he was born. fair against Tesla's shareholders.

The lawsuit from union pension funds and asset managers claims that the celebrity boss is heavily armed Tesla's board to buy SolarCity, just as it was about to run out of cash. Mr. Musk owned a 22% stake in SolarCity , which was founded by his cousins.

Shareholders asked the court to ask Musk, one of the richest men in the world, to repay to Tesla what it spent on the deal, which would represent one of the greatest judgments ever against an individual. finds that the deal was unfair, he was able to award much lower damages.

Mr. Musk has argued that the deal was fair and that it was negotiated by the Tesla board without his inf listening and was approved by fully informed shareholders.

At that time, he proclaimed the business as central to his "Master Plan, Part Deux", which aims to reshape transportation by using sustainable energy to power fleets with self-propelled electric vehicles.

Legal experts said the judge will look for evidence that Musk threatened board members or that board members felt they could not stand up to him.

The shareholders' lawsuit accuses Mr Musk of dominating business discussions, forcing Tesla to pay more for SolarCity and misleading shareholders about the solar panel manufacturer's deteriorating financial health. Musk, which had a 22% stake in Tesla at the time of the deal, was still a controlling shareholder.

"It would be a surprise to most people if the court came out and said he did not control him," said Brian Quinn, a professor at Boston College Law School. "Because he really does as he does."

Mr. Musk is expected to be questioned by shareholder attorney Randy Baron, as Mr. Musk called "reprehensible" at a testy deposition in 201

9, during which he also accused Baron of attacking sustainable energy, according to a transcript.

When Mr. The Baron asked if Mr. Musk rescued SolarCity, Mr Musk replied: "You are a shameful person." Vice Chancellor Slights is likely to take months before announcing a decision. Catalog

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