, Tesla’s chief executive, that he was considering taking the company private, and the subsequent decision not to do so, had required the bank to adjust the strike price on the warrants.
In a counterclaim filed against JPMorgan on Monday, Tesla said the revisions the bank had made to the warrants were in breach of their contract, describing the adjustments as “a classic ‘heads I win, tails you lose’ scheme” engineered to net a bigger payout.“JPM’s conduct between August 2018 and 2021 was entirely self-serving and intended to gain JPM the improper benefit of a discount on the price of Tesla shares that were gaining rapidly in value,” Tesla claimed in its court filing.
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