Musk was chairman of SolarCity and its largest shareholder, and he chaired Tesla. EBSCO puts his SolarCity stake at about 22 percent. Tesla announced an all-stock deal in August 2016 worth about $2.6 billion. [1][3]
Tesla shareholders sued, saying the board let Musk push through a rescue of a cash-strapped company. After trial, the Court of Chancery found the deal “entirely fair,” and the Delaware Supreme Court affirmed in 2023. The ruling noted real flaws in the process, including Musk’s involvement, but found the price and the result fair. [2]
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