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2021-07-13

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Elon Musk Defends SolarCity Deal, Says of Being Tesla Boss: ‘I Rather Hate It’<blockquote>Elon Musk为SolarCity交易辩护，谈到自己是特斯拉老板：“我很讨厌它”</blockquote>

Plaintiffs allege billionaire entrepreneur led Tesla to overpay for the home-solar company in 2016.

Elon Musk Defends SolarCity Deal, Says of Being Tesla Boss: ‘I Rather Hate It’<blockquote>Elon Musk为SolarCity交易辩护，谈到自己是特斯拉老板：“我很讨厌它”</blockquote>

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WILMINGTON, Del.—TeslaInc.TSLA4.38%Chief ExecutiveElon Muskwas in court Monday to defend the company’s purchase of SolarCity Corp., telling a judge that he didn’t act improperly during the negotiating process and doesn’t even enjoy running the electric-vehicle maker.<blockquote>原告指控亿万富翁企业家导致特斯拉在2016年为这家家用太阳能公司支付了过高的价格。特拉华州威尔明顿——特斯拉公司首席执行官埃隆·马斯克周一出庭为该公司收购SolarCity Corp.辩护，他告诉法官，他在谈判过程中没有不当行为，甚至不喜欢经营电动汽车制造商。</blockquote> The case dates to 2016, when Mr. Musk was chairman of both companies, both of them unprofitable at the time. His solution: Combine them ina roughly $2.1 billion tie-upto establish a single clean-energy business. Plaintiffs, which include pension funds that owned Tesla stock, have characterized the deal as a scheme to benefit himself and bail out a home-solar company on the verge of insolvency.<blockquote>该案可以追溯到2016年，当时马斯克担任两家公司的董事长，当时这两家公司都没有盈利。他的解决方案是：将它们合并成大约21亿美元的合资企业，建立一个单一的清洁能源业务。包括持有特斯拉股票的养老基金在内的原告将这笔交易描述为一项让自己受益并救助一家濒临破产的家用太阳能公司的计划。</blockquote> Mr. Musk, the opening and only witness in the first day in a nonjury trial in the Delaware Chancery Court, is scheduled to return to the stand Tuesday. He defended his actions in roughly five hours of testimony, saying the SolarCity purchase was crucial tothe sustainable-energy strategyhe had envisioned for Tesla for a decade.<blockquote>马斯克是特拉华州衡平法院无陪审团审判第一天的开场证人，也是唯一的证人，定于周二返回证人席。他在大约五个小时的证词中为自己的行为进行了辩护，称收购SolarCity对于他十年来为特斯拉设想的可持续能源战略至关重要。</blockquote> “I don’t think SolarCity was financially troubled,” Mr. Musk said. “In order to have a compelling product, you really needed to have a tightly integrated solar and battery solution. And we could not create a well integrated product if SolarCity was a separate company.”<blockquote>“我认为SolarCity没有陷入财务困境，”马斯克先生说。“为了拥有引人注目的产品，你确实需要有一个紧密集成的太阳能和电池解决方案。如果SolarCity是一家独立的公司，我们就无法创建一个良好集成的产品。”</blockquote> A primary question in the case is whether Mr. Musk, who owned roughly 22% of Tesla at the time, controlled the transaction. Proving the claim is a challenge because Mr. Musk was a minority shareholder of Tesla and the company’s shareholders approved the acquisition. Lawyers for Mr. Musk have said that SolarCity was worth more than Tesla paid for it and the electric-vehicle maker’s board members, who included Mr. Musk’s brother, Kimbal Musk, acted independently.<blockquote>该案的一个主要问题是马斯克是否控制了这笔交易，马斯克当时拥有特斯拉约22%的股份。证明这一说法是一个挑战，因为马斯克先生是特斯拉的少数股东，而该公司的股东批准了此次收购。马斯克的律师表示，SolarCity的价值高于特斯拉支付的价格，这家电动汽车制造商的董事会成员（包括马斯克的兄弟金巴尔·马斯克）是独立行事的。</blockquote> The billionaire CEO, who has a record of sometimes blunt and surprising statements, said Monday that he didn’t enjoy being the boss of Tesla. “I rather hate it and I would much prefer to spend my time on design and engineering, which is what intrinsically I like doing,” he said.<blockquote>这位亿万富翁首席执行官有时会发表直言不讳和令人惊讶的言论，他周一表示，他不喜欢担任特斯拉的老板。“我很讨厌它，我更愿意把时间花在设计和工程上，这是我本质上喜欢做的事情，”他说。</blockquote> Mr. Musk made the comment after opposing counsel tried to show how his “force of will” and faith in his view of Tesla’s future illustrated his ability to control the SolarCity transaction.<blockquote>在对方律师试图展示马斯克的“意志力”和对特斯拉未来看法的信心如何表明他有能力控制SolarCity交易后，马斯克发表了上述评论。</blockquote> Other issues before the judge include whether Tesla board members, some of whom also were SolarCity shareholders personally or through investment funds they managed, were conflicted and whether vital information about the deal was withheld from shareholders. Mr. Musk testified that an independent director handled the negotiation and that Tesla’s directors even overruled his proposal that Tesla provide temporary financing to SolarCity before the deal went through.<blockquote>法官面前的其他问题包括特斯拉董事会成员（其中一些人也是SolarCity股东）是否存在冲突，以及有关该交易的重要信息是否向股东隐瞒。马斯克作证说，一名独立董事负责谈判，特斯拉的董事甚至否决了他关于特斯拉在交易完成前向SolarCity提供临时融资的提议。</blockquote> Mr. Musk spoke in a calm and sometimes quiet tone as he answered his lawyer’s questions. He became more energetic when he fielded questions from Randall Baron, a lawyer for the plaintiffs. Mr. Baron pressed Mr. Musk on whether he dominated Tesla, handpicked its board members and made decisions without directors’ involvement.<blockquote>马斯克在回答律师的问题时语气平静，有时甚至很安静。当他回答原告律师兰德尔·巴伦的问题时，他变得更加精力充沛。巴伦向马斯克施压，询问马斯克是否控制了特斯拉，是否亲自挑选了董事会成员，是否在没有董事参与的情况下做出了决定。</blockquote> Mr. Musk has already displayed flashes of hissometimes combative naturein the case, making for a confrontational witness in a 2019 deposition, calling Mr. Baron “reprehensible” for “attacking sustainable energy.”<blockquote>马斯克在此案中已经表现出了他有时好斗的本性，在2019年的证词中成为了一名对抗性证人，称巴伦因“攻击可持续能源”而“应受谴责”。</blockquote> To explain the behavior, Mr. Musk told the court he didn’t respect Mr. Baron because the lawyer had once worked at a law firm whose partners becameengulfed in an ethics scandaland went to prison over their misdeeds. “I think you are a bad human being,” Mr. Musk said to Mr. Baron.<blockquote>为了解释这种行为，马斯克告诉法庭，他不尊重巴伦，因为这位律师曾在一家律师事务所工作，该律师事务所的合伙人陷入道德丑闻，并因不当行为入狱。“我认为你是一个坏人，”马斯克先生对巴伦先生说。</blockquote> Mr. Baron asked Mr. Musk why SolarCity’s performance varied significantly from the projections that Tesla gave to shareholders in 2016. Mr. Musk blamed the decline in solar-panel installation and market share to Tesla’s pressing need to focus on developing its Model 3 car in 2017 and 2018. Tesla at the time wasstruggling to bring the car to market.<blockquote>Baron先生问Musk先生，为什么SolarCity的业绩与特斯拉2016年给股东的预测有很大差异。马斯克将太阳能电池板安装量和市场份额的下降归咎于特斯拉迫切需要在2017年和2018年专注于开发Model 3汽车。特斯拉当时正在努力将这款车推向市场。</blockquote> “Those were the three hardest years of my entire career,” he said, later calling the period excruciating. “The company was in dire straits. Many of the times I thought we were out of the woods, we were not.”<blockquote>“那是我整个职业生涯中最艰难的三年，”他说，后来称这段时期非常痛苦。“公司陷入了困境。很多时候我以为我们已经脱离了困境，但事实并非如此。”</blockquote> More recently, Mr. Musk said, the coronavirus pandemic hurt Tesla’s ability to get permits for residential solar installations.<blockquote>马斯克表示，最近，冠状病毒大流行损害了特斯拉获得住宅太阳能装置许可的能力。</blockquote> If Mr. Musk loses, he could be asked to make Tesla whole. That payment could equal the value of the SolarCity transaction if the presiding judge finds that the solar firm wasn’t worth anything when Tesla agreed to buy it.<blockquote>如果马斯克输了，他可能会被要求让特斯拉变得完整。如果首席法官发现特斯拉同意收购SolarCity时这家太阳能公司一文不值，这笔付款可能相当于SolarCity交易的价值。</blockquote> The trial has been delayed for more than a year because of the pandemic and is expected to last two weeks.<blockquote>由于疫情，审判已经推迟了一年多，预计将持续两周。</blockquote> Other Tesla board members at the time of the tie-up agreed to settle last year for a combined $60 million, paid by insurance. The board members, some of whom had interests in both Tesla and SolarCity, denied wrongdoing.<blockquote>去年，特斯拉董事会的其他成员同意以总计6000万美元的价格和解，由保险公司支付。董事会成员否认有不当行为，其中一些人在特斯拉和SolarCity都有利益。</blockquote> Mr. Musk brought the proposed deal to Tesla’s board in early 2016, court records show. The plaintiffs describe SolarCity as having been in severe financial distress leading up to the deal, at risk of tripping a debt covenant and without other fundraising options. Shareholders weren’t fully informed of the company’s condition, they say.<blockquote>法庭记录显示，马斯克于2016年初向特斯拉董事会提交了拟议的交易。原告称，SolarCity在交易前陷入了严重的财务困境，面临着违反债务契约的风险，并且没有其他融资选择。他们表示，股东并没有完全了解公司的状况。</blockquote> Mr. Baron pressed that point Monday, asking Mr. Musk about internal emails and meetings that discussed efforts to save money by delaying payments to vendors and other moves. The attorney also asked whether he was aware thatLazardLtd.bankers had tried to raise money for SolarCity in 2016 and found most of the private investors they surveyed to be unreceptive.<blockquote>巴伦周一强调了这一点，向马斯克询问了内部电子邮件和会议的情况，这些电子邮件和会议讨论了通过推迟向供应商付款和其他举措来节省资金的努力。该律师还询问他是否知道LazardLtd.Bankers曾在2016年试图为SolarCity筹集资金，但发现他们调查的大多数私人投资者都不接受。</blockquote> Mr. Musk said Tesla also occasionally took such steps to conserve cash. He said SolarCity could have raised money from private investors if it had more time to do so, and ultimately could have sold stock to public investors.<blockquote>马斯克表示，特斯拉偶尔也会采取此类措施来节省现金。他表示，如果SolarCity有更多时间，它本可以从私人投资者那里筹集资金，并最终向公众投资者出售股票。</blockquote> If chancery court Vice Chancellor Joseph Slights III, the presiding judge, finds Mr. Musk didn’t control the deal, the case is likely over for the plaintiffs, said Lawrence Hamermesh, executive director of the Institute for Law and Economics at the University of Pennsylvania’s Carey Law School.<blockquote>该大学法律与经济研究所执行主任劳伦斯·哈默梅什(Lawrence Hamermesh)表示，如果衡平法院副院长、主审法官约瑟夫·斯莱特三世(Joseph Slights III)发现马斯克没有控制这笔交易，那么原告的案件可能就结束了。宾夕法尼亚大学凯里法学院。</blockquote> Case law in Delaware generally defers to the business judgment of independent and properly motivated directors. On the other hand, if the evidence points to control, the court would assess whether the deal process and price were fair and, if not, whether Mr. Musk should be ordered to pay money back to Tesla, Mr. Hamermesh said.<blockquote>特拉华州的判例法通常尊重独立且有适当动机的董事的商业判断。哈默梅什表示，另一方面，如果证据指向控制权，法院将评估交易过程和价格是否公平，如果不公平，是否应该命令马斯克向特斯拉偿还资金。</blockquote> For Mr. Musk, who now ranks among the world’s wealthiest people, the optics of a loss likely would be more meaningful than any court-ordered financial judgment, said Seth Goldstein, an analyst for Morningstar Research Services LLC.<blockquote>晨星研究服务有限责任公司(Morningstar Research Services LLC)分析师塞思·戈尔茨坦(Seth Goldstein)表示，对于目前跻身世界上最富有的人之一的马斯克来说，损失的前景可能比法院下令的任何财务判决都更有意义。</blockquote> “You could see the board become extra diligent with regard to acquisitions that aren’t in Tesla’s current, existing industries,” Mr. Goldstein said.<blockquote>“你可能会看到董事会对不属于特斯拉当前现有行业的收购变得格外勤奋，”戈尔茨坦先生说。</blockquote> Tesla investors also have enjoyed a change in fortunes since the takeover first surfaced. The vehicle makerposted its first full-year of profit in 2020. The stock, which traded at around $44when Tesla proposed buying SolarCity, closed Monday at around $686, up 4.38% on the day.<blockquote>自收购首次浮出水面以来，特斯拉投资者的命运也发生了变化。该汽车制造商在2020年首次实现全年盈利。当特斯拉提议收购SolarCity时，该股的交易价格约为44美元，周一收于686美元左右，当日上涨4.38%。</blockquote>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Elon Musk Defends SolarCity Deal, Says of Being Tesla Boss: ‘I Rather Hate It’<blockquote>Elon Musk为SolarCity交易辩护，谈到自己是特斯拉老板：“我很讨厌它”</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nElon Musk Defends SolarCity Deal, Says of Being Tesla Boss: ‘I Rather Hate It’<blockquote>Elon Musk为SolarCity交易辩护，谈到自己是特斯拉老板：“我很讨厌它”</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nThe Wall Street Journal2021-07-13 07:44\n\n</h4>\n</header>\n<article>\n Plaintiffs allege billionaire entrepreneur led Tesla to overpay for the home-solar company in 2016. WILMINGTON, Del.—TeslaInc.TSLA4.38%Chief ExecutiveElon Muskwas in court Monday to defend the company’s purchase of SolarCity Corp., telling a judge that he didn’t act improperly during the negotiating process and doesn’t even enjoy running the electric-vehicle maker.<blockquote>原告指控亿万富翁企业家导致特斯拉在2016年为这家家用太阳能公司支付了过高的价格。特拉华州威尔明顿——特斯拉公司首席执行官埃隆·马斯克周一出庭为该公司收购SolarCity Corp.辩护，他告诉法官，他在谈判过程中没有不当行为，甚至不喜欢经营电动汽车制造商。</blockquote> The case dates to 2016, when Mr. Musk was chairman of both companies, both of them unprofitable at the time. His solution: Combine them ina roughly $2.1 billion tie-upto establish a single clean-energy business. Plaintiffs, which include pension funds that owned Tesla stock, have characterized the deal as a scheme to benefit himself and bail out a home-solar company on the verge of insolvency.<blockquote>该案可以追溯到2016年，当时马斯克担任两家公司的董事长，当时这两家公司都没有盈利。他的解决方案是：将它们合并成大约21亿美元的合资企业，建立一个单一的清洁能源业务。包括持有特斯拉股票的养老基金在内的原告将这笔交易描述为一项让自己受益并救助一家濒临破产的家用太阳能公司的计划。</blockquote> Mr. Musk, the opening and only witness in the first day in a nonjury trial in the Delaware Chancery Court, is scheduled to return to the stand Tuesday. He defended his actions in roughly five hours of testimony, saying the SolarCity purchase was crucial tothe sustainable-energy strategyhe had envisioned for Tesla for a decade.<blockquote>马斯克是特拉华州衡平法院无陪审团审判第一天的开场证人，也是唯一的证人，定于周二返回证人席。他在大约五个小时的证词中为自己的行为进行了辩护，称收购SolarCity对于他十年来为特斯拉设想的可持续能源战略至关重要。</blockquote> “I don’t think SolarCity was financially troubled,” Mr. Musk said. “In order to have a compelling product, you really needed to have a tightly integrated solar and battery solution. And we could not create a well integrated product if SolarCity was a separate company.”<blockquote>“我认为SolarCity没有陷入财务困境，”马斯克先生说。“为了拥有引人注目的产品，你确实需要有一个紧密集成的太阳能和电池解决方案。如果SolarCity是一家独立的公司，我们就无法创建一个良好集成的产品。”</blockquote> A primary question in the case is whether Mr. Musk, who owned roughly 22% of Tesla at the time, controlled the transaction. Proving the claim is a challenge because Mr. Musk was a minority shareholder of Tesla and the company’s shareholders approved the acquisition. Lawyers for Mr. Musk have said that SolarCity was worth more than Tesla paid for it and the electric-vehicle maker’s board members, who included Mr. Musk’s brother, Kimbal Musk, acted independently.<blockquote>该案的一个主要问题是马斯克是否控制了这笔交易，马斯克当时拥有特斯拉约22%的股份。证明这一说法是一个挑战，因为马斯克先生是特斯拉的少数股东，而该公司的股东批准了此次收购。马斯克的律师表示，SolarCity的价值高于特斯拉支付的价格，这家电动汽车制造商的董事会成员（包括马斯克的兄弟金巴尔·马斯克）是独立行事的。</blockquote> The billionaire CEO, who has a record of sometimes blunt and surprising statements, said Monday that he didn’t enjoy being the boss of Tesla. “I rather hate it and I would much prefer to spend my time on design and engineering, which is what intrinsically I like doing,” he said.<blockquote>这位亿万富翁首席执行官有时会发表直言不讳和令人惊讶的言论，他周一表示，他不喜欢担任特斯拉的老板。“我很讨厌它，我更愿意把时间花在设计和工程上，这是我本质上喜欢做的事情，”他说。</blockquote> Mr. Musk made the comment after opposing counsel tried to show how his “force of will” and faith in his view of Tesla’s future illustrated his ability to control the SolarCity transaction.<blockquote>在对方律师试图展示马斯克的“意志力”和对特斯拉未来看法的信心如何表明他有能力控制SolarCity交易后，马斯克发表了上述评论。</blockquote> Other issues before the judge include whether Tesla board members, some of whom also were SolarCity shareholders personally or through investment funds they managed, were conflicted and whether vital information about the deal was withheld from shareholders. Mr. Musk testified that an independent director handled the negotiation and that Tesla’s directors even overruled his proposal that Tesla provide temporary financing to SolarCity before the deal went through.<blockquote>法官面前的其他问题包括特斯拉董事会成员（其中一些人也是SolarCity股东）是否存在冲突，以及有关该交易的重要信息是否向股东隐瞒。马斯克作证说，一名独立董事负责谈判，特斯拉的董事甚至否决了他关于特斯拉在交易完成前向SolarCity提供临时融资的提议。</blockquote> Mr. Musk spoke in a calm and sometimes quiet tone as he answered his lawyer’s questions. He became more energetic when he fielded questions from Randall Baron, a lawyer for the plaintiffs. Mr. Baron pressed Mr. Musk on whether he dominated Tesla, handpicked its board members and made decisions without directors’ involvement.<blockquote>马斯克在回答律师的问题时语气平静，有时甚至很安静。当他回答原告律师兰德尔·巴伦的问题时，他变得更加精力充沛。巴伦向马斯克施压，询问马斯克是否控制了特斯拉，是否亲自挑选了董事会成员，是否在没有董事参与的情况下做出了决定。</blockquote> Mr. Musk has already displayed flashes of hissometimes combative naturein the case, making for a confrontational witness in a 2019 deposition, calling Mr. Baron “reprehensible” for “attacking sustainable energy.”<blockquote>马斯克在此案中已经表现出了他有时好斗的本性，在2019年的证词中成为了一名对抗性证人，称巴伦因“攻击可持续能源”而“应受谴责”。</blockquote> To explain the behavior, Mr. Musk told the court he didn’t respect Mr. Baron because the lawyer had once worked at a law firm whose partners becameengulfed in an ethics scandaland went to prison over their misdeeds. “I think you are a bad human being,” Mr. Musk said to Mr. Baron.<blockquote>为了解释这种行为，马斯克告诉法庭，他不尊重巴伦，因为这位律师曾在一家律师事务所工作，该律师事务所的合伙人陷入道德丑闻，并因不当行为入狱。“我认为你是一个坏人，”马斯克先生对巴伦先生说。</blockquote> Mr. Baron asked Mr. Musk why SolarCity’s performance varied significantly from the projections that Tesla gave to shareholders in 2016. Mr. Musk blamed the decline in solar-panel installation and market share to Tesla’s pressing need to focus on developing its Model 3 car in 2017 and 2018. Tesla at the time wasstruggling to bring the car to market.<blockquote>Baron先生问Musk先生，为什么SolarCity的业绩与特斯拉2016年给股东的预测有很大差异。马斯克将太阳能电池板安装量和市场份额的下降归咎于特斯拉迫切需要在2017年和2018年专注于开发Model 3汽车。特斯拉当时正在努力将这款车推向市场。</blockquote> “Those were the three hardest years of my entire career,” he said, later calling the period excruciating. “The company was in dire straits. Many of the times I thought we were out of the woods, we were not.”<blockquote>“那是我整个职业生涯中最艰难的三年，”他说，后来称这段时期非常痛苦。“公司陷入了困境。很多时候我以为我们已经脱离了困境，但事实并非如此。”</blockquote> More recently, Mr. Musk said, the coronavirus pandemic hurt Tesla’s ability to get permits for residential solar installations.<blockquote>马斯克表示，最近，冠状病毒大流行损害了特斯拉获得住宅太阳能装置许可的能力。</blockquote> If Mr. Musk loses, he could be asked to make Tesla whole. That payment could equal the value of the SolarCity transaction if the presiding judge finds that the solar firm wasn’t worth anything when Tesla agreed to buy it.<blockquote>如果马斯克输了，他可能会被要求让特斯拉变得完整。如果首席法官发现特斯拉同意收购SolarCity时这家太阳能公司一文不值，这笔付款可能相当于SolarCity交易的价值。</blockquote> The trial has been delayed for more than a year because of the pandemic and is expected to last two weeks.<blockquote>由于疫情，审判已经推迟了一年多，预计将持续两周。</blockquote> Other Tesla board members at the time of the tie-up agreed to settle last year for a combined $60 million, paid by insurance. The board members, some of whom had interests in both Tesla and SolarCity, denied wrongdoing.<blockquote>去年，特斯拉董事会的其他成员同意以总计6000万美元的价格和解，由保险公司支付。董事会成员否认有不当行为，其中一些人在特斯拉和SolarCity都有利益。</blockquote> Mr. Musk brought the proposed deal to Tesla’s board in early 2016, court records show. The plaintiffs describe SolarCity as having been in severe financial distress leading up to the deal, at risk of tripping a debt covenant and without other fundraising options. Shareholders weren’t fully informed of the company’s condition, they say.<blockquote>法庭记录显示，马斯克于2016年初向特斯拉董事会提交了拟议的交易。原告称，SolarCity在交易前陷入了严重的财务困境，面临着违反债务契约的风险，并且没有其他融资选择。他们表示，股东并没有完全了解公司的状况。</blockquote> Mr. Baron pressed that point Monday, asking Mr. Musk about internal emails and meetings that discussed efforts to save money by delaying payments to vendors and other moves. The attorney also asked whether he was aware thatLazardLtd.bankers had tried to raise money for SolarCity in 2016 and found most of the private investors they surveyed to be unreceptive.<blockquote>巴伦周一强调了这一点，向马斯克询问了内部电子邮件和会议的情况，这些电子邮件和会议讨论了通过推迟向供应商付款和其他举措来节省资金的努力。该律师还询问他是否知道LazardLtd.Bankers曾在2016年试图为SolarCity筹集资金，但发现他们调查的大多数私人投资者都不接受。</blockquote> Mr. Musk said Tesla also occasionally took such steps to conserve cash. He said SolarCity could have raised money from private investors if it had more time to do so, and ultimately could have sold stock to public investors.<blockquote>马斯克表示，特斯拉偶尔也会采取此类措施来节省现金。他表示，如果SolarCity有更多时间，它本可以从私人投资者那里筹集资金，并最终向公众投资者出售股票。</blockquote> If chancery court Vice Chancellor Joseph Slights III, the presiding judge, finds Mr. Musk didn’t control the deal, the case is likely over for the plaintiffs, said Lawrence Hamermesh, executive director of the Institute for Law and Economics at the University of Pennsylvania’s Carey Law School.<blockquote>该大学法律与经济研究所执行主任劳伦斯·哈默梅什(Lawrence Hamermesh)表示，如果衡平法院副院长、主审法官约瑟夫·斯莱特三世(Joseph Slights III)发现马斯克没有控制这笔交易，那么原告的案件可能就结束了。宾夕法尼亚大学凯里法学院。</blockquote> Case law in Delaware generally defers to the business judgment of independent and properly motivated directors. On the other hand, if the evidence points to control, the court would assess whether the deal process and price were fair and, if not, whether Mr. Musk should be ordered to pay money back to Tesla, Mr. Hamermesh said.<blockquote>特拉华州的判例法通常尊重独立且有适当动机的董事的商业判断。哈默梅什表示，另一方面，如果证据指向控制权，法院将评估交易过程和价格是否公平，如果不公平，是否应该命令马斯克向特斯拉偿还资金。</blockquote> For Mr. Musk, who now ranks among the world’s wealthiest people, the optics of a loss likely would be more meaningful than any court-ordered financial judgment, said Seth Goldstein, an analyst for Morningstar Research Services LLC.<blockquote>晨星研究服务有限责任公司(Morningstar Research Services LLC)分析师塞思·戈尔茨坦(Seth Goldstein)表示，对于目前跻身世界上最富有的人之一的马斯克来说，损失的前景可能比法院下令的任何财务判决都更有意义。</blockquote> “You could see the board become extra diligent with regard to acquisitions that aren’t in Tesla’s current, existing industries,” Mr. Goldstein said.<blockquote>“你可能会看到董事会对不属于特斯拉当前现有行业的收购变得格外勤奋，”戈尔茨坦先生说。</blockquote> Tesla investors also have enjoyed a change in fortunes since the takeover first surfaced. The vehicle makerposted its first full-year of profit in 2020. The stock, which traded at around $44when Tesla proposed buying SolarCity, closed Monday at around $686, up 4.38% on the day.<blockquote>自收购首次浮出水面以来，特斯拉投资者的命运也发生了变化。该汽车制造商在2020年首次实现全年盈利。当特斯拉提议收购SolarCity时，该股的交易价格约为44美元，周一收于686美元左右，当日上涨4.38%。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.wsj.com/articles/elon-musk-takes-stand-in-court-to-defend-purchase-of-solarcity-11626098958?mod=hp_lead_pos3\">The Wall Street Journal</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSLA":"特斯拉"},"source_url":"https://www.wsj.com/articles/elon-musk-takes-stand-in-court-to-defend-purchase-of-solarcity-11626098958?mod=hp_lead_pos3","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1175242446","content_text":"Plaintiffs allege billionaire entrepreneur led Tesla to overpay for the home-solar company in 2016.\n\nWILMINGTON, Del.—TeslaInc.TSLA4.38%Chief ExecutiveElon Muskwas in court Monday to defend the company’s purchase of SolarCity Corp., telling a judge that he didn’t act improperly during the negotiating process and doesn’t even enjoy running the electric-vehicle maker.\nThe case dates to 2016, when Mr. Musk was chairman of both companies, both of them unprofitable at the time. His solution: Combine them ina roughly $2.1 billion tie-upto establish a single clean-energy business. Plaintiffs, which include pension funds that owned Tesla stock, have characterized the deal as a scheme to benefit himself and bail out a home-solar company on the verge of insolvency.\nMr. Musk, the opening and only witness in the first day in a nonjury trial in the Delaware Chancery Court, is scheduled to return to the stand Tuesday. He defended his actions in roughly five hours of testimony, saying the SolarCity purchase was crucial tothe sustainable-energy strategyhe had envisioned for Tesla for a decade.\n“I don’t think SolarCity was financially troubled,” Mr. Musk said. “In order to have a compelling product, you really needed to have a tightly integrated solar and battery solution. And we could not create a well integrated product if SolarCity was a separate company.”\nA primary question in the case is whether Mr. Musk, who owned roughly 22% of Tesla at the time, controlled the transaction. Proving the claim is a challenge because Mr. Musk was a minority shareholder of Tesla and the company’s shareholders approved the acquisition. Lawyers for Mr. Musk have said that SolarCity was worth more than Tesla paid for it and the electric-vehicle maker’s board members, who included Mr. Musk’s brother, Kimbal Musk, acted independently.\nThe billionaire CEO, who has a record of sometimes blunt and surprising statements, said Monday that he didn’t enjoy being the boss of Tesla. “I rather hate it and I would much prefer to spend my time on design and engineering, which is what intrinsically I like doing,” he said.\nMr. Musk made the comment after opposing counsel tried to show how his “force of will” and faith in his view of Tesla’s future illustrated his ability to control the SolarCity transaction.\nOther issues before the judge include whether Tesla board members, some of whom also were SolarCity shareholders personally or through investment funds they managed, were conflicted and whether vital information about the deal was withheld from shareholders. Mr. Musk testified that an independent director handled the negotiation and that Tesla’s directors even overruled his proposal that Tesla provide temporary financing to SolarCity before the deal went through.\nMr. Musk spoke in a calm and sometimes quiet tone as he answered his lawyer’s questions. He became more energetic when he fielded questions from Randall Baron, a lawyer for the plaintiffs. Mr. Baron pressed Mr. Musk on whether he dominated Tesla, handpicked its board members and made decisions without directors’ involvement.\nMr. Musk has already displayed flashes of hissometimes combative naturein the case, making for a confrontational witness in a 2019 deposition, calling Mr. Baron “reprehensible” for “attacking sustainable energy.”\nTo explain the behavior, Mr. Musk told the court he didn’t respect Mr. Baron because the lawyer had once worked at a law firm whose partners becameengulfed in an ethics scandaland went to prison over their misdeeds. “I think you are a bad human being,” Mr. Musk said to Mr. Baron.\nMr. Baron asked Mr. Musk why SolarCity’s performance varied significantly from the projections that Tesla gave to shareholders in 2016. Mr. Musk blamed the decline in solar-panel installation and market share to Tesla’s pressing need to focus on developing its Model 3 car in 2017 and 2018. Tesla at the time wasstruggling to bring the car to market.\n“Those were the three hardest years of my entire career,” he said, later calling the period excruciating. “The company was in dire straits. Many of the times I thought we were out of the woods, we were not.”\nMore recently, Mr. Musk said, the coronavirus pandemic hurt Tesla’s ability to get permits for residential solar installations.\nIf Mr. Musk loses, he could be asked to make Tesla whole. That payment could equal the value of the SolarCity transaction if the presiding judge finds that the solar firm wasn’t worth anything when Tesla agreed to buy it.\nThe trial has been delayed for more than a year because of the pandemic and is expected to last two weeks.\nOther Tesla board members at the time of the tie-up agreed to settle last year for a combined $60 million, paid by insurance. The board members, some of whom had interests in both Tesla and SolarCity, denied wrongdoing.\nMr. Musk brought the proposed deal to Tesla’s board in early 2016, court records show. The plaintiffs describe SolarCity as having been in severe financial distress leading up to the deal, at risk of tripping a debt covenant and without other fundraising options. Shareholders weren’t fully informed of the company’s condition, they say.\nMr. Baron pressed that point Monday, asking Mr. Musk about internal emails and meetings that discussed efforts to save money by delaying payments to vendors and other moves. The attorney also asked whether he was aware thatLazardLtd.bankers had tried to raise money for SolarCity in 2016 and found most of the private investors they surveyed to be unreceptive.\nMr. Musk said Tesla also occasionally took such steps to conserve cash. He said SolarCity could have raised money from private investors if it had more time to do so, and ultimately could have sold stock to public investors.\nIf chancery court Vice Chancellor Joseph Slights III, the presiding judge, finds Mr. Musk didn’t control the deal, the case is likely over for the plaintiffs, said Lawrence Hamermesh, executive director of the Institute for Law and Economics at the University of Pennsylvania’s Carey Law School.\nCase law in Delaware generally defers to the business judgment of independent and properly motivated directors. On the other hand, if the evidence points to control, the court would assess whether the deal process and price were fair and, if not, whether Mr. Musk should be ordered to pay money back to Tesla, Mr. Hamermesh said.\nFor Mr. Musk, who now ranks among the world’s wealthiest people, the optics of a loss likely would be more meaningful than any court-ordered financial judgment, said Seth Goldstein, an analyst for Morningstar Research Services LLC.\n“You could see the board become extra diligent with regard to acquisitions that aren’t in Tesla’s current, existing industries,” Mr. Goldstein said.\nTesla investors also have enjoyed a change in fortunes since the takeover first surfaced. The vehicle makerposted its first full-year of profit in 2020. The stock, which traded at around $44when Tesla proposed buying SolarCity, closed Monday at around $686, up 4.38% on the day.","news_type":1,"symbols_score_info":{"TSLA":0.9}},"isVote":1,"tweetType":1,"viewCount":2216,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":9,"xxTargetLangEnum":"ORIG"},"commentList":[],"hasMoreComment":false,"orderType":2}