Questioned under oath, Musk plans to defend the purchase as a justifiable acquisition. Daniel Ives, an analyst at Wedbush Securities, called the acquisition a “clear black eye" for Musk and Tesla, in large part because SolarCity has failed to turn a profit. “I just think Musk and Tesla underestimated the challenges and the hurdles that the business brings," he said. Even if the trial ends with Musk having to pay personally for the whole SolarCity deal, USD 2.5 billion won't much hurt the world's third-wealthiest person. Musk is fighting the lawsuit after others have settled “because that's what Musk does," Ives said.

Source: Mint July 11, 2021 14:48 UTC