- Saudi crown prince says no Israel ties without Palestinian state
- Canada to further cut international student, foreign worker permits
- YouTube launches new TV-focused tools for creators
- White Sox heading for worst season in MLB history
- China the top challenge in US history: senior diplomat
- Hong Kong democracy tycoon's son warns time running out
- New migraine drugs no better than cheap painkillers: big study
- Sean 'Diddy' Combs again denied bail in sex trafficking case
- Brewers clinch division title as MLB playoff race heats up
- Man City blunted by 'giant' Inter in Champions League stalemate
- US stocks dip despite larger Fed interest rate cut
- Man City held by Inter as PSG pinch win in Champions League
- All Blacks recall Beauden Barrett for Australia Test
- Fears of all-out war as new Lebanon device blasts kill 20, wound 450
- Spurs late show saves Postecoglou blushes at Coventry
- PSG snatch late goal to beat Champions League debutants Girona
- Gittens' late double gives Dortmund Champions League win at Brugge
- Man City blunted by Inter in Champions League stalemate
- Hidden talent: French Olympic star Marchand opts for disguise
- MrBeast named in California lawsuit over 'Beast Games' show
- Gauff splits with Gilbert as coach after 14-month run
- Hundreds of thousands at risk in Sudan's El-Fasher: UN
- Harvey Weinstein pleads not guilty to new sex crime charge
- Venezuelan opposition candidate says letter conceding election was coerced
- Ukraine official claims Russian advance in Kursk has been 'stopped'
- X update allows app to bypass Brazil ban: internet providers
- Fears of all-out war as new Lebanon device blasts kill 14, wound 450
- US Fed makes aggressive rate cut, weeks before election
- Arsenal's Odegaard faces lengthy injury absence
- India coal expansion risks massive methane growth: report
- China the top challenge in US history, top diplomat says
- US Fed makes larger half-point cut in first reduction since 2020
- Ronaldo's Al Nassr appoint former AC Milan boss Pioli
- Ainslie 'relieved' as British book place in Louis Vuitton Cup final
- Struggling Roma replace sacked icon De Rossi with Ivan Juric
- Women's NBA will add 15th team in Portland in 2026
- Brazil fires need harsher punishment: environmental police boss
- Boeing to start large temporary furloughs amid Seattle strike
- Fears of all-out war as new Lebanon device blasts kill nine, wound 300
- 'Emergency' declared over falling UK butterfly numbers
- McIlroy outlines threats to golf peace deal
- Stock markets, dollar slip before US rate decision
- Russian advance in Kursk 'stopped': Ukraine official to AFP
- UN members demand end to 'unlawful' Israeli occupation of Palestinian territories
- Snapchat pushes 'safer' platform image, but not everyone agrees
- Three dead, 100 wounded in new wave of Lebanon device explosions
- So where does the oceans' plastic waste come from?
- Allied war heroes buried in Netherlands... 80 years on
- Marsh coy over Australia's choice to open alongside Head
- New London sculpture pays tribute to trans community
RBGPF | 5.79% | 60.5 | $ | |
JRI | 0.45% | 13.44 | $ | |
BCC | 1.33% | 137.06 | $ | |
BCE | 3.09% | 35.61 | $ | |
CMSC | 0.02% | 25.055 | $ | |
CMSD | -0.12% | 24.98 | $ | |
NGG | -0.46% | 70.05 | $ | |
SCS | 0.71% | 14.11 | $ | |
RELX | -0.82% | 47.37 | $ | |
RYCEF | 1.37% | 6.55 | $ | |
RIO | -0.02% | 62.91 | $ | |
VOD | 0.49% | 10.23 | $ | |
GSK | -0.31% | 42.43 | $ | |
AZN | 0.06% | 78.58 | $ | |
BP | -0.37% | 32.43 | $ | |
BTI | -0.34% | 37.88 | $ |
Judge sides with Elon Musk in lawsuit over SolarCity
A judge in the state of Delaware on Wednesday handed Tesla chief Elon Musk a victory in a shareholder lawsuit filed over the controversial buy of solar panel maker SolarCity.
The judge ruled against a group of Tesla shareholders who contended that Musk, who was chairman of both Tesla and SolarCity at the time of the transaction, "poisoned" Tesla's ability to fairly evaluate the purchase, wasting corporate assets in the $2.6 billion deal and harming people who owned Tesla stock, according to a complaint.
The judge wrote in his decision that evidence indicated Tesla paid a "fair price" for SolarCity and has benefited from the acquisition.
The group of investors, which includes union pension funds and other institutional investors, argued that SolarCity was a failing enterprise that faced "likely bankruptcy" were it not for the actions of Musk and other Tesla board members, who also had large equity stakes in SolarCity.
The shareholders who filed the suit had previously reached a $60 million settlement with other Tesla directors originally named in the complaint, with the payment coming from insurance. This group, which included Kimbal Musk, Elon Musk's brother, did not admit fault.
A key question in the trial was whether Musk, who held 22 percent of Tesla's equity at the time, controlled the transaction, which won approval from Tesla shareholders.
Musk told the court that buying SolarCity was part of his "master plan," according to CNBC.
Dan Ives, analyst at Wedbush Securities, said during the course of the trial that Wall Street was watching "very closely to see the outcome for Musk and the corporate governance."
The SolarCity deal has been a "black eye" for Musk and Tesla and a "clear low light" in the company's whirlwind rise, Ives said in a note late last year.
H.Seidel--BTB