Elon Musk has made very clear he’s not much for following the rules. Well, JPMorgan Chase chief Jamie Dimon wants the Tesla founder to know that he’s rather a stickler for them, no matter how big Musk’s company is.
JP Morgan says that Tesla was required to deliver the bank shares or cash if the price of the car maker’s stock was above the warrants strike price at the time the contract between the companies expired, which was the case. “Tesla has flagrantly ignored its clear contractual obligation to pay JPMorgan in full,” the lawsuit alleges.
Well, he’s usually a stickler for them, anyway.
Mr. Dimon’s visit—the first known trip to the city by the head of a Wall Street bank since the beginning of the pandemic—came just days after Hong Kong tightened its quarantine rules to remove previous exemptions for travelers including top international financial executives…. On Tuesday, Hong Kong Chief Executive Carrie Lam defended the decision to grant Mr. Dimon an exemption.
“After all, it is a very large bank, which has important business in the city,” Mrs. Lam said in a press briefing.
JPMorgan is seeking $162 million from Tesla, which quite frankly Musk shouldn’t have too much trouble coming up with.
The world’s richest person disposed of more than 934,000 shares on Monday for about $930 million, according to regulatory filings. That adds to the $6.9 billion he already sold last week, just after he took an unusual Twitter poll asking whether he should dispose of 10% of his Tesla stake. Part of Monday’s sales were to help pay taxes on the exercise of 2.1 million options.
And while Dimon may be down on Tesla at the moment, no one else seems to be.
Renaissance Technologies, Aristides Capital and Adage Capital Partners were among large U.S. hedge funds that boosted their stake or took new positions in Tesla Inc last quarter, before a searing October rally that vaulted the company's market value above $1 trillion…. Overall, 211 hedge funds and asset management firms added new positions in Tesla last quarter….
JP Morgan Sues Tesla for More Than $162 Million; Elon Musk Sells More Stock [WSJ]
Musk Exercises Options, Sells $930 Million More Tesla Shares [Bloomberg]
Hong Kong Defends Letting JPMorgan’s Jamie Dimon Skip Covid-19 Quarantine [WSJ]
Renaissance, other big hedge funds increase stakes in Tesla in Q3 [Reuters]
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