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16 Nov 2021

Tesla Sued for $162 Million by JPMorgan

Tesla Sued for $162 Million by JPMorgan

The Index Today

JP Morgan Chase has filed a lawsuit against Tesla over warrants and is seeking $162.2 million along with interest and expenses.

The multinational investment bank claims that Tesla breached the contract terms regarding re-pricing the warrants. The electric vehicle company agreed contractually to pay out cash or shares if the price exceeded the “strike price” which is predetermined.

JP Morgan readjusted the value of warrants after Elon Musk tweeted he may take the company private for $420 a share back in 2018 and then again cancelled the idea soon afterwards. According to the details of the dispute, JP Morgan had the right to make adjustments contractually. However, Tesla responded in a letter saying that JP Morgan made unreasonable changes in an attempt to take advantage of the situation.

Tesla stocks dropped under $177, reaching a three year low back in June 2019. Shares of the electric vehicle company then soared above $420 per share the same year with the SEC charging the company for fraud. The lawsuit was finally settled with a $20 million payout to each. The complaint said, “In total, Tesla failed to deliver 228,775 shares of its common stock, leaving JPMorgan with an open hedge position equal to that shortfall.”

©Photo: euronews.com