JPMorgan sues Tesla for $162 million over warrants, Musk tweets

Published by
Reuters

By Jonathan Stempel NEW YORK (Reuters) -JPMorgan Chase & Co on Monday sued Tesla Inc 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. JPMorgan, which said it had authority to adjust the strike price, said it substantially reduced the strike price after Musk’s Aug. 7…

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