(CNBC) Tesla CEO Elon Musk testified in court today defending the company’s $2.6 billion SolarCity acquisition over dispute with shareholders.
Shareholders in the case claimed the 2016 deal was a SolarCity bailout, prosecuting the company’s board members, including Musk.
Musk stated in his testimony that the purchase had no financial gain and did not amount to a bailout.
The Tesla CEO said the SolarCity Acquisition was part of his 2006 “master plan.”
Musk could pay as much as $2 billion if he loses the case, although the proceeds could go to Tesla, rather than the shareholders.
The lawsuit seeks to address whether Musk acted in the best interest of the shareholders or making self-centered decisions.
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