RT.com
24 Nov 2021, 13:42 GMT+10
Tesla CEO Elon Musk has threatened to give the US investment banking giant JPMorgan Chase a bad review on the Yelp platform unless the bank withdraws its $162 million lawsuit against him.
"If JPM doesn't withdraw their lawsuit, I will give them a one-star review on Yelp," Musk said in response to requests for comment from The Wall Street Journal. He added: "This is my final warning!"
The lawsuit centers on a dispute over how JPMorgan re-priced its Tesla warrants as a result of Musk's notorious 2018 tweet that he was considering taking the carmaker private.
In the complaint, which was filed by the bank in a Manhattan federal court on November 15, JPMorgan accused Tesla of 'flagrantly' breaching a contract the two corporate giants agreed to in 2014.
"We have provided Tesla multiple opportunities to fulfill its contractual obligations, so it is unfortunate that they have forced this issue into litigation," the bank said in the complaint.
JPMorgan Chase worked on Tesla's IPO in 2010 as well as several deals in the years that followed, but according to the WSJ, the institution was usually ranked behind rivals like Goldman Sachs and Morgan Stanley.
The newspaper said that in the past decade, JPMorgan has made about $15 million for advising Tesla and working with the electric carmaker on deals. Goldman Sachs made about $90 million in the same period.
According to the journal's sources, JPMorgan's consumer bank was once hesitant to back Tesla because it questioned the long-term viability of electric car batteries. But later, the bank executives sought to make a deal with Musk in which Chase Bank would become the primary lender to Tesla buyers at dealerships. Public records collected by the WSJ show that JPMorgan hasn't done any work with Tesla since 2016.
For more stories on economy & finance visit RT's business section
(RT.com)
Get a daily dose of Perth Herald news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Perth Herald.
More InformationGENEVA, Switzerland: A new United Nations report alleges that dozens of global corporations are profiting from and helping sustain...
LONDON/STOCKHOLM: The Persson family is ramping up its investment in the H&M fashion empire, fueling renewed speculation about a potential...
LONDON, U.K.: British oil giant Shell has denied reports that it is in talks to acquire rival oil company BP. The Wall Street Journal...
SYDNEY, Australia: Australia will not ease its strict biosecurity rules during trade talks with the United States, Prime Minister Anthony...
BEIJING, July 5 (Xinhua) -- No dull rows of chairs and tables, no endless slides of charts and numbers -- instead, a gleaming statue...
KHARTOUM, July 5 (Xinhua) -- After more than two years of devastating conflict, Sudan's capital Khartoum is slowly emerging from the...
Nearly three months after a devastating earthquake struck Myanmar, the country remains trapped in a deepening crisis, compounded by...
MELBOURNE, Australia: A second embryo mix-up in just two months has pushed one of Australia's largest IVF providers back into the spotlight,...
SYDNEY, Australia: Australia will not ease its strict biosecurity rules during trade talks with the United States, Prime Minister Anthony...
(250705) -- SLIVERSTONE, July 5, 2025 (Xinhua) -- Mercedes' driver George Russell of Britain reacts before Practice 3 of the Formula...
Grenada [West Indies], July 5 (ANI): Australia held a narrow 33-run lead at the end of the first innings after dismissing West Indies...
Chennai (Tamil Nadu) [India], July 5 (ANI): Former Indian cricketer Suresh Raina is set to make his acting debut in a Tamil film under...