NEW YORK :Tesla Inc on Monday fought back against JPMorgan Chase & Co over a disputed bond contract, countersuing the bank for seeking a"windfall" following Elon Musk's notorious 2018 tweet that he might take his electric car company private.
"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. Musk is Tesla's chief executive, and according to Forbes, is the world's richest person https://www.forbes.com/real-time-billionaires/#6b9b23893d78.
The countersuit escalates the battle between the largest U.S. bank and world's most valuable car company, which have done little business with each other since the disputed contract.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.
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