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Elon Musk Acquisitions

Wilson Sonsini Goodrich & Rosati

Delaware Court of Chancery Addresses Benefit-of-the-Bargain Damages in Busted Deals and Who Can Seek Them

On October 31, 2023, in Crispo v. Musk, Chancellor Kathaleen St. J. McCormick of the Delaware Court of Chancery issued a decision addressing an important question that arises in mergers and acquisitions: if one of the parties...more

McGuireWoods LLP

Delaware Supreme Court Upholds Tesla's 2016 Acquisition of SolarCity Under Entire Fairness Test

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On June 6, 2023, in a unanimous decision written by Justice Karen L. Valihura, the Delaware Supreme Court affirmed the Court of Chancery’s April 27, 2022, opinion in In re Tesla Motors, Inc. Stockholder Litigation....more

Morris James LLP

Supreme Court Affirms Decision That the SolarCity Acquisition was Entirely Fair

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The Delaware Supreme Court recently affirmed the Delaware Court of Chancery’s 2022 post-trial decision that Tesla’s 2016 all-stock acquisition of SolarCity Corp. satisfied the entire fairness standard of review, and thus did...more

Tarter Krinsky & Drogin LLP

Law Brief®: Rich Schoenstein and Robert Heim Discuss Musk v. Twitter

The new season starts off with a discussion of the pending dispute between Elon Musk and Twitter, scheduled to go to trial this month. White Collar and Government Investigations Partner Robert Heim returns to the Podcast to...more

Hogan Lovells

In re Tesla: fair price may ameliorate procedural defects under entire fairness review - Corporate / M&A Decisions update series

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Tesla Motors Stockholder Litigation arises out of Tesla’s acquisition of SolarCity, a market leader in manufacturing and installing solar energy generation systems. On two occasions in 2015 and 2016, Elon Musk suggested to...more

Goodwin

Twitter Brings Suit Against Musk in Delaware Court of Chancery Seeking Specific Performance

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On July 12, 2022, Twitter, Inc. brought a civil action in the Delaware Court of Chancery against Elon Musk, the co-founder and CEO of Tesla Motors, Inc., for breach of contract in an attempt to force Musk to complete his...more

Morris James LLP

The Parable of the Tesla and SolarCity Deal

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The Delaware Court of Chancery’s April 27 Tesla Motors opinion likens some decisions to “parables”—stories that illustrate important lessons. In the words of presiding Vice Chancellor Joseph R. Slights III, the story of Tesla...more

Robins Kaplan LLP

Unexpectedly Strong Retail Sales Pull Markets Back from the Brink

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Target and Walmart may have taken it on the chin last quarter, but solid results from other retailers—from Macy’s to the Dollars (Tree and General)—“defied Wall Street’s expectations” and helped boost stocks on Thursday. The...more

Goodwin

Delaware Chancery Court Clears Musk of Breach of Fiduciary Duty Claim

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On April 27, 2022, the Delaware Court of Chancery in In re Tesla Motors Stockholder Litigation rendered a post-trial verdict finding for Elon Musk, co-founder and CEO of Tesla Motors, Inc., on claims that Musk breached his...more

Robins Kaplan LLP

Twitter Looks to Streamline Even As Musk Puts Acquisition “On Hold”

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Twitter CEO Parag Agrawal took dramatic action this week, firing two top execs, freezing “most new hiring,” and announcing plans to slash spending “as the social media company tries to change its business trajectory while...more

Cozen O'Connor

Cozen Currents: The Politics of Controversy

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The Cozen Lens- The leak of a draft Supreme Court opinion overturning Roe v. Wade has brought abortion politics front-and-center. But abortion politics are not as clear cut as "pro-choice" vs. "pro-life" and the court's...more

Robins Kaplan LLP

Fed Raises Interest Rates by 50 Basis Points, Biggest Jump Since 2000

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The Federal Reserve made good on Wednesday of months of rate-hike foreshadowing, announcing a half-percentage-point increase in interest rates and detailing a plan to shrink the central bank’s “massive bond holdings.” In...more

Robins Kaplan LLP

Feds Charge Hwang with Securities Fraud Over Massive Archegos Collapse

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On Wednesday, federal authorities arrested Archegos Capital Management’s Bill Hwang and the company’s former CFO Patrick Halligan over an alleged “stock manipulation scheme they called staggering in size and brazen in its...more

Goodwin

Delaware Chancery Court Reemphasizes Importance of Properly Handling Board Conflicts in Ruling for Elon Musk in SolarCity Case

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On April 28, 2022, Vice Chancellor Slights of the Delaware Chancery Court issued a verdict for the defense in In re Tesla Motors, Inc. Stockholder Litigation, a long-running derivative lawsuit challenging the 2016 acquisition...more

Robins Kaplan LLP

U.S. Jobless Claims Hit 54-Year Low

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U.S. jobless claims hit 166k last week, the lowest “since November 1968, when the labor force was less than half of its current size.” Labor Department data also showed some 4.3 million workers quitting their jobs in...more

Robins Kaplan LLP

JetBlue Makes Surprise Bid for Spirit Airlines

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JetBlue has made a last-minute $3.6 billion offer to buy Spirit Airlines, “throwing a wrench into Spirit’s plan to merge with Frontier Airlines and create a behemoth budget carrier.” The offer appears calculated to help...more

Morris James LLP

Chancery Denies Motions for Summary Judgment in Tesla Litigation, Questions Remain as to Whether Musk is a Controlling Stockholder

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In re Tesla Motors, Inc. S’holder Litig., C.A. No. 12711-VCS (Del. Ch. Feb. 4, 2020). The Delaware Court of Chancery denied plaintiffs’ and defendants’ (including Elon Musk’s) motions for summary judgment on the grounds that...more

Stoel Rives LLP

In Case You Missed It - Interesting Items for Corporate Counsel - May 2019

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President Trump signed an executive order last week, here, designed to impose sanctions on the iron, steel, aluminum and copper sectors of Iran. The operative section of the EO reads like a crazy person Googled “sanctions”...more

Morris James LLP

Court Of Chancery Explains When A Minority Stockholder Has Control

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In re Tesla Motors Inc. Stockholder Litigation, C.A. No. 12711-VCS (Del. Ch. Mar. 28, 2018) - Under Delaware law, a controlling stockholder need not be a majority stockholder. Rather, a controlling stockholder might be a...more

Robins Kaplan LLP

Your daily dose of financial news - The Brief – 9.7.16

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Turns out that running the show at Valeant has given Pershing Square’s Bill Ackman quite the appetite. He’s looking to satisfy that hunger (and get back to the business of maximizing returns by pushing companies to make...more

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