Tesla Chair Denies SolarCity Purchase 'Wired' For Approval
Law360, Wilmington, Del. (July 20, 2021, 9:49 PM EDT) -- The chair of Tesla Motors Inc. denied Tuesday that the company's decision to buy SolarCity Corp. for $2.6 billion was "wired" for approval and driven by company CEO Elon Musk's hefty stake in both companies, according to testimony in a Delaware trial on stockholder claims for billions of dollars in damages.
Robyn M. Denholm, chair of what is now a global electric vehicle and solar generating and storage company, rejected the claim during the seventh day of a scheduled 10-day Delaware Chancery Court trial in a seven-count suit accusing Musk of wasting corporate assets and breaching his duty to Tesla with the transaction....
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