Elon Musk: He took it “clean” for the acquisition of a company of his cousins ​​by Tesla

Finally good – all good for Elon Musk, as he won the first court in his dispute with Tesla shareholders, over the acquisition of SolarCity in 2016.

SolarCity is a clean energy company founded in 2006 by the billionaire’s cousins ​​Peter and Lydron Rive, which was acquired by Tesla for $ 2.6 billion. Musk himself was the president and the largest shareholder of the company.

Shareholders accused him of buying the energy company at a time when Tesla was in dire financial straits and demanded $ 13 billion in damages.
A Delaware court in the United States ruled yesterday that Musk did not make an unjustified personal gain when he instructed Tesla’s board to proceed with the acquisition.
SolarCity had more than 15,000 employees in 2015, but a year after its acquisition, it reduced its staff by 22%.
Since then, the company has been fully integrated into Tesla Energy, which had a profit of $ 801 million in 2021.
Elon Musk’s mother, Maya, is the twin sister of Kay, who is the mother of the Rive brothers. The children grew up together in Pretoria, South Africa.
The court ruling came at a particularly sensitive time for Elon Musk as the $ 44 billion Twitter deal is in the final stages.
“Evidence shows that Tesla paid a fair price, SolarCity was worth the least Tesla paid, and the acquisition proved to be extremely profitable for the company,” said Delaware court vice-president Joseph Slaich.
“Elon was undoubtedly involved in the process of reaching an agreement in ways he should not, but fortunately the Tesla Board of Directors in any case ensured a fair price,” he continued.
Tesla shareholders can appeal the decision and, according to their lawyer, are considering their next steps.

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