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Tesla and JPMorgan have mutually agreed to settle their legal battle over warrants tied to Elon Musk’s notorious $420 tweet. The dismissal of claims brings an end to years of litigation and opens the door to renewed commercial relations.
Tesla and JPMorgan Announce End to Legal Battle
Bloomberg reports that in a one-page court statement on Friday, the parties announced their intention to terminate the case. In the document, the parties abandoned all claims against each other and waived the right to refile them. No settlement agreement was disclosed.
"JPMorgan and Tesla have decided to enter into a new commercial relationship and settle the outstanding disputes between the companies," a bank representative said in an emailed statement Saturday. “This is a good outcome for all and we look forward to working together.”
According to JPMorgan's 2021 lawsuit against Elon Musk's electric vehicle manufacturer, Tesla, the bank asserted that it was due the amount it wanted in shares based on an agreement from 2014. If the stock price went above a specific threshold, Tesla would have to pay JPMorgan either in shares or cash, according to that agreement.
Tesla's 2014 Agreement Linked to Share Payments
The lawsuit states that the deal was arranged so that the carmaker could avoid having its stock diluted through the issuance of convertible notes and take advantage of specific federal income tax advantages.
According to the bank's lawsuit, the agreement was hampered by an August 2018 tweet by Musk. Elon Musk, in his now-famous tweet, announced his consideration of taking Tesla private at $420 per share and claimed to have "funding secured."
JPMorgan claimed the ability to change the warrants' strike price depends on variables, including Tesla stock volatility. Following Musk's withdrawal from the situation and the tweet, it made the necessary adjustments.
Musk's "Funding Secured" Tweet Sparks Controversy
Claiming that JPMorgan had used the tweet to lower the striking price of over 1.9 million warrants, Tesla subsequently filed its own claims, Yahoo Finance shares. The court's decision was characterized as an attempt by the bank to gain an unfair advantage and a "cynical" violation of their agreement.
Requests for comment regarding Friday's filing dismissing the claims went unanswered by Tesla and its attorneys.
September Court Ruling Influenced Settlement
The filing is a direct result of the Manhattan federal judge's September finding that JPMorgan was found guilty. The bank had asked US District Judge Paul Gardephe to decide in its favor on its breach-of-contract allegations and against Tesla's claims before trial, but Gardephe declined.
