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JPMorgan Sues Tesla for $162 mln Over Warrants, Musk Tweets

JPMorgan Sues Tesla for $162 mln Over Warrants, Musk Tweets

From: Reuters

NEW YORK, Nov 15 (Reuters) – JPMorgan Chase & Co (JPM.N) on Monday sued Tesla Inc (TSLA.O) for $162.2 million, accusing Elon Musk’s electric car company of “flagrantly” breaching a contract related to stock warrants after its share price soared.

According to the complaint filed in Manhattan federal court, Tesla in 2014 sold warrants to JPMorgan that would pay off if their “strike price” were below Tesla’s share price upon the warrants’ expiration in June and July 2021.

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