"JPMorgan pressed its exorbitant demand as an act of retaliation against Tesla both for it having passed over JPMorgan in major business deals and out of senior JPMorgan executives' animus toward Mr. Musk," Tesla said. By changing the terms of the warrants, JPMorgan "dealt itself a pure windfall" after receiving a "multibillion-dollar payout" from Tesla's soaring share price, Tesla added. In its Nov. 15 lawsuit https://www.reuters.com/business/autos-transportation/jpmorgan-sues-tesla-162-mln-related-warrants-2021-11-15, JPMorgan said the Tesla warrants let it lower the strike price to counteract any economic impact from "significant corporate transactions" involving that company. It ended with Musk giving up Tesla's chairmanship, and he and Tesla each being fined $20 million. Tesla's lawsuit seeks unspecified damages.

Source: Forbes January 25, 2022 01:42 UTC