Tesla countersues JPMorgan over 'windfall'
Warrants give holders the right to buy company stock at a set “strike” price and date.and had “funding secured,” and his abandoning that plan 17 days later, created share price volatility to justify lowering the strike price on its warrants.
JPMorgan accused Tesla of defaulting because it failed to hand over shares or cash when the warrants expired in June and July 2021, by which time Tesla’s share price had risen about 10-fold.ullstein bild via Getty Images In its countersuit, Tesla accused JPMorgan of having “put its thumb on the scale” to demand even more money, after already receiving a “multibillion-dollar payout” because of the soaring stock price.that ended in $20 million fines against both him and Tesla and forced him to give up Tesla’s chairmanship.
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