Elon Musk says if he isn't the CEO 'Tesla is going to die'

During his first day in court, Tesla CEO Elon Musk has defended himself against his own board members over a deal made in 2016.

1 minute & 2 seconds read time

Tesla CEO Elon Musk has begun his first day in court defending himself against a lawyer representing Tesla's own board members.

Elon Musk says if he isn't the CEO 'Tesla is going to die' 01

Musk entered a lawsuit with board members over Tesla acquiring SolarCity back in 2016. The lawsuit alleges that Musk strong-armed "Tesla's board of directors into depleting the company's assets with the $2.6 billion all-stock deal for SolarCity," per Reuters. At the time the deal was struck between SolarCity and Tesla, Musk held a 22% stake in the company, which has led some shareholders to claim that Musk's true intention behind acquiring SolarCity was to just bail himself out of the company.

Additionally, the lawsuit claims that Musk forced Tesla to pay more for SolarCity and "misleading shareholders about the company's deteriorating financial health." Musk defended himself in court and stood by his decision to acquire SolarCity (which later became Tesla's solar power division, Tesla Energy) by saying that his benefit from the deal was negligible as there was no cash exchange and that the merger was merely to add SolarCity's sustainable energy to Tesla's batteries.

Musk said that he has tried "very hard not to be the CEO of Tesla, but I have to, or frankly, Tesla is going to die."

To read more of what Musk said, check out this link here.

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NEWS SOURCE:reuters.com

Jak joined the TweakTown team in 2017 and has since reviewed 100s of new tech products and kept us informed daily on the latest science, space, and artificial intelligence news. Jak's love for science, space, and technology, and, more specifically, PC gaming, began at 10 years old. It was the day his dad showed him how to play Age of Empires on an old Compaq PC. Ever since that day, Jak fell in love with games and the progression of the technology industry in all its forms. Instead of typical FPS, Jak holds a very special spot in his heart for RTS games.

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