Tesla chief Elon Musk attacked over this $2.6 bn spending on cousins

Elon Musk told a judge on Tuesday Tesla Inc had to buy SolarCity in 2016 because the failing solar panel company was essential to the electric vehicle maker’s long-term goal of accelerating the transition to sustainable energy. Elon Musk completed about eight hours of testimony over two days to defend himself against a lawsuit brought by union pension funds and asset managers who allege he strong-armed Tesla directors into buying the cash-strapped SolarCity for $2.6 billion.

Musk at the time owned a 22% stake in both Tesla and SolarCity, which was founded by his cousins. The Tesla shareholders want Musk to be ordered to return the value of the deal to Tesla.