Musk defends timing of Tesla's US$2.6b deal for SolarCity

Musk defends timing of Tesla's US$2.6b deal for SolarCity

The Edge Markets - Technology·2021-07-14 15:03

WILMINGTON, Del (July 14): Elon Musk told a judge on Tuesday Tesla Inc had to buy SolarCity in 2016 because the failing solar panel company was essential to the electric vehicle maker's long-term goal of accelerating the transition to sustainable energy.

The celebrity chief executive completed about eight hours of testimony over two days to defend himself against a lawsuit brought by union pension funds and asset managers who allege he strong-armed Tesla directors into buying the cash-strapped SolarCity for US$2.6 billion.

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