At the request of a journalist from The Wall Street Journal for a comment on the matter, Elon Musk wrote that if JPMorgan did not waive his claims, he would in return give them a negative review on Yelpie, a community service venue aggregator.
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This, of course, is a joke that Musk implies that he is not heedful of JPMorgan’s threats and is not afraid of a trial. The richest man in the world either thinks he will win, or he simply doesn’t care about the 162 million dollar compensation.
History, however, has a bottom line. Jamie Dimon and Elon Musk are clearly out of the way for the head of one of the largest American banks. Both billionaires do not like each other, to put it mildly.
For years, this has been reflected in the mutual relations of both companies. According to circulating rumors, businessmen recently unsuccessfully tried to bury the battle ax and end the conflict that had been going on for years. The effect was the opposite. JPMorgan openly attacked Tesla, which is extremely rare for banks, and in the case of companies with such dynamic growth and high valuation, it is almost unheard of.
Elon Musk’s 2018 tweet still takes its toll
Lawyers say, through Musk’s 2018 tweet: “I’m considering Tesla withdrawn from the stock market at $ 420. Funding secured,” JPMorgan lost a lot of money. $ 162.2 million to be exact. This was because, as a result of Musk’s destabilization of the rate, the bank had to revalue Tesla’s warrants twice (the right to acquire future securities at a fixed price).
It is ironic that JPMorgan was not initially reluctant to invest in Tesla. According to The Wall Street Journal, this is because the consumer division of JPMorgan Chase had doubts in 2010 about the long-term value of electric traction batteries.
Eventually, JPMorgan decided to do so when Tesla went public, but much more cautiously than other banks: Goldman Sachs and Morgan Stanley. Apparently, the management of the bank later changed their mind and JPMorgan wanted to become Tesla’s main financial partner, but then the company’s CEO refused them.
Since 2016, the bank has not spent a cent on Tesla. The conflict between JPMorgan and the largest electric car manufacturer in the world continues to date and is taking an increasingly open form. That’s why Musk recently said, “If JPM doesn’t withdraw their lawsuit, I’ll give them one star on Yelpie. That’s my final warning!” His words were quoted by the blogger from Whole Mars Catalog and supplemented by the author, adding: Serious allegations deserve serious answers.
If JPMorgan wins the lawsuit, it will be the most expensive review in the history of this portal. Perfect for the collection of Elon Musk. Should look nice on a $ 20 million tweet.