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2021-07-12

Elon Musk Is Called to Defend Tesla’s Purchase of SolarCity<blockquote>Elon Musk被要求为特斯拉收购SolarCity辩护</blockquote>

Plaintiffs allege that the billionaire entrepreneur led Tesla to overpay for SolarCity in 2016. Mr.

Elon Musk Is Called to Defend Tesla’s Purchase of SolarCity<blockquote>Elon Musk被要求为特斯拉收购SolarCity辩护</blockquote>

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Mr. ","content":" Plaintiffs allege that the billionaire entrepreneur led Tesla to overpay for SolarCity in 2016. Mr. Musk has defended the deal. In 2016,Elon Muskhad two unprofitable businesses on his hands in Tesla and SolarCity Corp. His solution to improve their outlook: combine them into asingle clean-energy business.<blockquote>原告声称，这位亿万富翁企业家导致特斯拉在2016年为SolarCity支付了过高的价格。马斯克为这笔交易进行了辩护。2016年，Elon Muskhad手上有特斯拉和SolarCity Corp两项未盈利的业务。他改善他们前景的解决方案是：将他们合并为一个单一的清洁能源业务。</blockquote> Five years later, Mr. Musk is being called to defend the propriety of that roughly $2.1 billion tie-up in a Delaware court. Plaintiffs, which include several 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>五年后，马斯克被要求在特拉华州法院为这笔价值约21亿美元的合作的适当性进行辩护。原告包括几家持有特斯拉股票的养老基金，他们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, who is expected to take the stand in the nonjury trial as early as Monday, was chairman of both companies at the time. His attorneys have framed the acquisition as an opportunity to realize his long-held goal of creating avertically integrated sustainable energy company.<blockquote>马斯克当时是两家公司的董事长，预计最早将于周一在无陪审团审判中出庭作证。他的律师将此次收购视为实现他长期目标的机会，即创建一家垂直整合的可持续能源公司。</blockquote> A primary question in the case is whether Mr. Musk, who owned roughly 22% of Tesla at the time, controlled the transaction. Proving that 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 say 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> Other issues before the judge include whether Tesla board members were conflicted and whether vital information about the deal was withheld from shareholders.<blockquote>法官面前的其他问题包括特斯拉董事会成员是否存在冲突，以及是否向股东隐瞒了有关该交易的重要信息。</blockquote> If Mr. Musk loses, he could be asked to makeTeslaInc.TSLA0.63%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，他可能会被要求将特斯拉公司(TeslaInc.TSLA0.63%全部收购。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 in Delaware Chancery Court has been delayed for more than a year because of the coronavirus pandemic. Mr. Musk is the lone board member being sued. Tesla’s other board members at the time of the SolarCity 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>由于冠状病毒疫情，特拉华州衡平法院的审判已经推迟了一年多。马斯克是唯一被起诉的董事会成员。去年，特斯拉与SolarCity合作时的其他董事会成员同意以总计6000万美元的价格和解，并由保险公司支付。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 has built areputation as an unusualand sometimescombative chief executive. He has already flashed some of that in the case, making for a confrontational witness in a 2019 deposition, repeatedly goading plaintiff’s attorney Randall Baron, whom he called “reprehensible” for “attacking sustainable energy.”<blockquote>马斯克作为一位不同寻常、有时好斗的首席执行官赢得了声誉。他已经在案件中闪现了其中的一些内容，在2019年的证词中成为对抗性证人，多次激怒原告律师兰德尔·巴伦(Randall Baron)，他称后者因“攻击可持续能源”而“应受谴责”。</blockquote> “SolarCity I think would have done just fine by itself and Tesla would have done fine by itself, but in the long-term, they are better together. And that is what the future will show,” Mr. Musk said in the deposition.<blockquote>“我认为SolarCity本身会做得很好，特斯拉本身也会做得很好，但从长远来看，它们在一起会更好。这就是未来将会显示的，”马斯克在证词中说。</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> Founded in 2006 by Mr. Musk’s cousins, SolarCity generated net losses of $769 million and $375 million in 2015 and 2014, respectively.<blockquote>SolarCity由马斯克的堂兄弟于2006年创立，2015年和2014年分别净亏损7.69亿美元和3.75亿美元。</blockquote> Attorneys for Mr. Musk say SolarCity was solvent and could have pursued other fundraising options.<blockquote>马斯克的律师表示，SolarCity有偿付能力，本可以寻求其他融资选择。</blockquote> When Mr. Musk testifies, he is likely to be asked about how much involvement he had in the deal with SolarCity, said Lawrence Hamermesh, executive director of the Institute for Law and Economics at the University of Pennsylvania’s Carey Law School. “One of the things the plaintiffs are going to want to show is whether he had his fingers all over the negotiations and development and timing of the deal,” Mr. Hamermesh said.<blockquote>宾夕法尼亚大学凯里法学院法律与经济研究所执行主任劳伦斯·哈默梅什表示，当马斯克作证时，他可能会被问及他在与SolarCity的交易中参与了多少。“原告想要展示的一件事是，他是否参与了交易的谈判、发展和时机，”哈默梅什先生说。</blockquote> That information will help the court decide whether the Tesla chief executive controlled the company’s consideration of the merger, as will testimony about some directors’ conflicts of interest and whether they made their decisions independently.<blockquote>这些信息将有助于法院决定特斯拉首席执行官是否控制了公司对合并的考虑，有关一些董事利益冲突以及他们是否独立做出决定的证词也将有助于法院决定。</blockquote> If Vice Chancellor Joseph Slights III, the presiding judge, finds Mr. Musk didn’t control the deal, the case is likely over for the plaintiffs, Mr. Hamermesh said. 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>哈默梅什表示，如果首席法官、副校长约瑟夫·斯莱特三世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。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> “The theory would be that Tesla has been damaged and Musk is the responsible party,” he said. “He would have to make Tesla whole.”<blockquote>他说：“理论上，特斯拉受到了损害，马斯克是责任方。”“他必须让特斯拉变得完整。”</blockquote> For Mr. Musk, who now ranks among the wealthiest people on the planet, 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，对于马斯克来说，他现在是地球上最富有的人之一，损失的可能性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> Mr. Musk is no stranger to court appearances. In 2019, he was called to the stand in a case in which a British cave exploreraccused him of defamation. The juryfound him not guilty.<blockquote>马斯克对出庭并不陌生。2019年，他在一起英国洞穴探险家指控他诽谤的案件中被传唤出庭。陪审团裁定他无罪。</blockquote> The prior year, the Securities and Exchange Commission sued Mr. Musk and Tesla over claims that he misled investors through his tweets. Mr. Musk and Tesla settled the lawsuit by each paying $20 million, andMr. Musk agreed to have certain of his tweets reviewedby Tesla’s lawyers before publishing them.<blockquote>前一年，美国证券交易委员会起诉马斯克和特斯拉，指控马斯克通过推文误导投资者。马斯克和特斯拉各支付2000万美元了结了诉讼。马斯克同意在发布之前让特斯拉的律师审查他的某些推文。</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 Is Called to Defend Tesla’s Purchase of SolarCity<blockquote>Elon Musk被要求为特斯拉收购SolarCity辩护</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 Is Called to Defend Tesla’s Purchase of SolarCity<blockquote>Elon Musk被要求为特斯拉收购SolarCity辩护</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nThe Wall Street Journal2021-07-12 07:59\n\n</h4>\n</header>\n<article>\n Plaintiffs allege that the billionaire entrepreneur led Tesla to overpay for SolarCity in 2016. Mr. Musk has defended the deal. In 2016,Elon Muskhad two unprofitable businesses on his hands in Tesla and SolarCity Corp. His solution to improve their outlook: combine them into asingle clean-energy business.<blockquote>原告声称，这位亿万富翁企业家导致特斯拉在2016年为SolarCity支付了过高的价格。马斯克为这笔交易进行了辩护。2016年，Elon Muskhad手上有特斯拉和SolarCity Corp两项未盈利的业务。他改善他们前景的解决方案是：将他们合并为一个单一的清洁能源业务。</blockquote> Five years later, Mr. Musk is being called to defend the propriety of that roughly $2.1 billion tie-up in a Delaware court. Plaintiffs, which include several 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>五年后，马斯克被要求在特拉华州法院为这笔价值约21亿美元的合作的适当性进行辩护。原告包括几家持有特斯拉股票的养老基金，他们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, who is expected to take the stand in the nonjury trial as early as Monday, was chairman of both companies at the time. His attorneys have framed the acquisition as an opportunity to realize his long-held goal of creating avertically integrated sustainable energy company.<blockquote>马斯克当时是两家公司的董事长，预计最早将于周一在无陪审团审判中出庭作证。他的律师将此次收购视为实现他长期目标的机会，即创建一家垂直整合的可持续能源公司。</blockquote> A primary question in the case is whether Mr. Musk, who owned roughly 22% of Tesla at the time, controlled the transaction. Proving that 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 say 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> Other issues before the judge include whether Tesla board members were conflicted and whether vital information about the deal was withheld from shareholders.<blockquote>法官面前的其他问题包括特斯拉董事会成员是否存在冲突，以及是否向股东隐瞒了有关该交易的重要信息。</blockquote> If Mr. Musk loses, he could be asked to makeTeslaInc.TSLA0.63%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，他可能会被要求将特斯拉公司(TeslaInc.TSLA0.63%全部收购。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 in Delaware Chancery Court has been delayed for more than a year because of the coronavirus pandemic. Mr. Musk is the lone board member being sued. Tesla’s other board members at the time of the SolarCity 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>由于冠状病毒疫情，特拉华州衡平法院的审判已经推迟了一年多。马斯克是唯一被起诉的董事会成员。去年，特斯拉与SolarCity合作时的其他董事会成员同意以总计6000万美元的价格和解，并由保险公司支付。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 has built areputation as an unusualand sometimescombative chief executive. He has already flashed some of that in the case, making for a confrontational witness in a 2019 deposition, repeatedly goading plaintiff’s attorney Randall Baron, whom he called “reprehensible” for “attacking sustainable energy.”<blockquote>马斯克作为一位不同寻常、有时好斗的首席执行官赢得了声誉。他已经在案件中闪现了其中的一些内容，在2019年的证词中成为对抗性证人，多次激怒原告律师兰德尔·巴伦(Randall Baron)，他称后者因“攻击可持续能源”而“应受谴责”。</blockquote> “SolarCity I think would have done just fine by itself and Tesla would have done fine by itself, but in the long-term, they are better together. And that is what the future will show,” Mr. Musk said in the deposition.<blockquote>“我认为SolarCity本身会做得很好，特斯拉本身也会做得很好，但从长远来看，它们在一起会更好。这就是未来将会显示的，”马斯克在证词中说。</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> Founded in 2006 by Mr. Musk’s cousins, SolarCity generated net losses of $769 million and $375 million in 2015 and 2014, respectively.<blockquote>SolarCity由马斯克的堂兄弟于2006年创立，2015年和2014年分别净亏损7.69亿美元和3.75亿美元。</blockquote> Attorneys for Mr. Musk say SolarCity was solvent and could have pursued other fundraising options.<blockquote>马斯克的律师表示，SolarCity有偿付能力，本可以寻求其他融资选择。</blockquote> When Mr. Musk testifies, he is likely to be asked about how much involvement he had in the deal with SolarCity, said Lawrence Hamermesh, executive director of the Institute for Law and Economics at the University of Pennsylvania’s Carey Law School. “One of the things the plaintiffs are going to want to show is whether he had his fingers all over the negotiations and development and timing of the deal,” Mr. Hamermesh said.<blockquote>宾夕法尼亚大学凯里法学院法律与经济研究所执行主任劳伦斯·哈默梅什表示，当马斯克作证时，他可能会被问及他在与SolarCity的交易中参与了多少。“原告想要展示的一件事是，他是否参与了交易的谈判、发展和时机，”哈默梅什先生说。</blockquote> That information will help the court decide whether the Tesla chief executive controlled the company’s consideration of the merger, as will testimony about some directors’ conflicts of interest and whether they made their decisions independently.<blockquote>这些信息将有助于法院决定特斯拉首席执行官是否控制了公司对合并的考虑，有关一些董事利益冲突以及他们是否独立做出决定的证词也将有助于法院决定。</blockquote> If Vice Chancellor Joseph Slights III, the presiding judge, finds Mr. Musk didn’t control the deal, the case is likely over for the plaintiffs, Mr. Hamermesh said. 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>哈默梅什表示，如果首席法官、副校长约瑟夫·斯莱特三世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。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> “The theory would be that Tesla has been damaged and Musk is the responsible party,” he said. “He would have to make Tesla whole.”<blockquote>他说：“理论上，特斯拉受到了损害，马斯克是责任方。”“他必须让特斯拉变得完整。”</blockquote> For Mr. Musk, who now ranks among the wealthiest people on the planet, 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，对于马斯克来说，他现在是地球上最富有的人之一，损失的可能性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> Mr. Musk is no stranger to court appearances. In 2019, he was called to the stand in a case in which a British cave exploreraccused him of defamation. The juryfound him not guilty.<blockquote>马斯克对出庭并不陌生。2019年，他在一起英国洞穴探险家指控他诽谤的案件中被传唤出庭。陪审团裁定他无罪。</blockquote> The prior year, the Securities and Exchange Commission sued Mr. Musk and Tesla over claims that he misled investors through his tweets. Mr. Musk and Tesla settled the lawsuit by each paying $20 million, andMr. Musk agreed to have certain of his tweets reviewedby Tesla’s lawyers before publishing them.<blockquote>前一年，美国证券交易委员会起诉马斯克和特斯拉，指控马斯克通过推文误导投资者。马斯克和特斯拉各支付2000万美元了结了诉讼。马斯克同意在发布之前让特斯拉的律师审查他的某些推文。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.wsj.com/articles/elon-musk-is-called-to-defend-teslas-purchase-of-solarcity-11626001200?mod=hp_lead_pos4\">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-is-called-to-defend-teslas-purchase-of-solarcity-11626001200?mod=hp_lead_pos4","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1101488191","content_text":"Plaintiffs allege that the billionaire entrepreneur led Tesla to overpay for SolarCity in 2016. Mr. Musk has defended the deal.\n\nIn 2016,Elon Muskhad two unprofitable businesses on his hands in Tesla and SolarCity Corp. His solution to improve their outlook: combine them into asingle clean-energy business.\nFive years later, Mr. Musk is being called to defend the propriety of that roughly $2.1 billion tie-up in a Delaware court. Plaintiffs, which include several 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, who is expected to take the stand in the nonjury trial as early as Monday, was chairman of both companies at the time. His attorneys have framed the acquisition as an opportunity to realize his long-held goal of creating avertically integrated sustainable energy company.\nA primary question in the case is whether Mr. Musk, who owned roughly 22% of Tesla at the time, controlled the transaction. Proving that 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 say 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.\nOther issues before the judge include whether Tesla board members were conflicted and whether vital information about the deal was withheld from shareholders.\nIf Mr. Musk loses, he could be asked to makeTeslaInc.TSLA0.63%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 in Delaware Chancery Court has been delayed for more than a year because of the coronavirus pandemic. Mr. Musk is the lone board member being sued. Tesla’s other board members at the time of the SolarCity 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 has built areputation as an unusualand sometimescombative chief executive. He has already flashed some of that in the case, making for a confrontational witness in a 2019 deposition, repeatedly goading plaintiff’s attorney Randall Baron, whom he called “reprehensible” for “attacking sustainable energy.”\n“SolarCity I think would have done just fine by itself and Tesla would have done fine by itself, but in the long-term, they are better together. And that is what the future will show,” Mr. Musk said in the deposition.\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.\nFounded in 2006 by Mr. Musk’s cousins, SolarCity generated net losses of $769 million and $375 million in 2015 and 2014, respectively.\nAttorneys for Mr. Musk say SolarCity was solvent and could have pursued other fundraising options.\nWhen Mr. Musk testifies, he is likely to be asked about how much involvement he had in the deal with SolarCity, said Lawrence Hamermesh, executive director of the Institute for Law and Economics at the University of Pennsylvania’s Carey Law School. “One of the things the plaintiffs are going to want to show is whether he had his fingers all over the negotiations and development and timing of the deal,” Mr. Hamermesh said.\nThat information will help the court decide whether the Tesla chief executive controlled the company’s consideration of the merger, as will testimony about some directors’ conflicts of interest and whether they made their decisions independently.\nIf Vice Chancellor Joseph Slights III, the presiding judge, finds Mr. Musk didn’t control the deal, the case is likely over for the plaintiffs, Mr. Hamermesh said. 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.\n“The theory would be that Tesla has been damaged and Musk is the responsible party,” he said. “He would have to make Tesla whole.”\nFor Mr. Musk, who now ranks among the wealthiest people on the planet, 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.\nMr. Musk is no stranger to court appearances. In 2019, he was called to the stand in a case in which a British cave exploreraccused him of defamation. The juryfound him not guilty.\nThe prior year, the Securities and Exchange Commission sued Mr. Musk and Tesla over claims that he misled investors through his tweets. Mr. Musk and Tesla settled the lawsuit by each paying $20 million, andMr. Musk agreed to have certain of his tweets reviewedby Tesla’s lawyers before publishing them.","news_type":1,"symbols_score_info":{"TSLA":0.9}},"isVote":1,"tweetType":1,"viewCount":1157,"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":2,"xxTargetLangEnum":"ORIG"},"commentList":[],"hasMoreComment":false,"orderType":2}