JPMorgan wants $162 million from Elon Musk for allegedly saying Tesla would go private

JPMorgan Chase & Co. said in a securities filing Wednesday that Tesla owes it more than $162 million as a result of Elon Musk’s June 14 comments.

The filing says that it’s looking to “collect damages in an amount to be determined” for the tweet, which Musk sent about buying up to $5 billion of stock in Tesla’s secondary market. He later told the New York Times that he didn’t make that statement.

He also noted that he would “reserve the right to take the company private, should circumstances permit.”

Musk later sent a separate tweet on June 14, reiterating that he wanted to take Tesla private. “Tesla has received expressions of interest from numerous potential buyers and would be prepared to sell the company for $420 per share,” he said.

JPMorgan, which is Tesla’s primary broker, told The Wall Street Journal that a court could ultimately let it get the money for its claims.

Read the full filing from JPMorgan

“Our forensic review is continuing and we are reviewing it closely. If the claims submitted in this complaint are correct, we may pursue legal action against Tesla and Musk,” JPMorgan said in the filing.

Tesla had an earnings call Wednesday with journalists who follow the company, but Musk wasn’t part of it.

Musk also did not make the comments that JPMorgan thinks he made on June 14, according to an account from CNBC reporter Jon Fortt. Musk blamed his lawyer for issuing a statement saying that he did make the tweet.

Since the scandal broke, investors have sent Tesla’s stock down roughly 15%. Tesla announced in May that it would be having a special meeting in July to vote on a share buyback program.

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