Elon Musk threatens to review JPMorgan on Yelp with “a one-star rating” if the bank does not remove a $162m lawsuit against him. Musk also accuses him of violating agreements through his provocative tweets and inconsistent behavior.
Musk tweeted August 2018, that he has enough money to make Tesla private. He was referring to 420, which is the abbreviation for marijuana.
Musk tweeted the tweet, sending the share price on an emotional rollercoaster ride. The Securities and Exchange Commission was notified in October 2018. He was required to pay $20M and Tesla was also ordered to do the same.
The bank sued on November 15. The Wall Street Journal published Monday’s report on the bitter animosity that existed between Jamie Dimon and Musk.
According to sources, Musk and Dimon attempted to rekindle their relationship. However, they were not able to come to an agreement.
JPMorgan America’s leading bank concluded, according to the newspaper, that the U.S. had a better car industry than it did.
JPMorgan last week stated that Tesla had been given multiple chances to fulfil its contractual obligations. This is why it was unfortunate that the matter ended up in litigation.
Musk responded Monday that if JPM didn’t withdraw its lawsuit, then I would give them a Yelp review of one star. I will be the last to warn you!
Jamie Dimon (left) is the chief executive officer of JPMorgan. They have been at odds for years and never managed to come up with a solution. Musk stated Monday that he had given them a Yelp rating of one star.
On Sunday, the South African billionaire tweeted that he aspired to be a comedian.
According to Tesla’s files and Refinitiv data, it is rare for any major Wall Street bank or institution to sue a client so high-profile. However, JPMorgan has only done very little business over the past seven year with the electric carmaker.
The bank charged the electric car manufacturer with ‘flagrantly’ breaching a 2014 contract they had made regarding Tesla warrants.
Stock warrants allow the holder to acquire stock of a company for a fixed price and date.
In Manhattan, a federal court filed the suit. The lawsuit centers on how JPMorgan changed Tesla warrant prices in response to Musk’s famous 2018 tweet that he thought about taking Tesla private.
The complaint alleges that Tesla sold JPMorgan warrants in 2014 for a strike price’ below Tesla’s share prices when they expired in June 2021 and July 2021.
JPMorgan claimed that warrants included standard clauses which permitted it to adjust the price of the securities to both protect them against economic impacts from’significant corporate transactions’ involving Tesla. This could include an announcement about Tesla’s going private.
Dimon has led the U.S.’s largest bank since 2005 and has not been impressed by Musk’s antics.
Musk, the mercurial Musk, fired his media team in October 2020. He now handles all things media
Tesla’s share prices rose by approximately 10 fold between when the warrants expired this year. JPMorgan required Tesla, under its contract, to turn over stock and cash. According to JPMorgan, Tesla’s inability to comply with the terms of its contract was a breach of that agreement.
“Though JPMorgan made the correct and legally required adjustments,” the complaint claimed, “Tesla flagrantly violated its explicit contractual obligation to fully pay JPMorgan,” the bank stated.
Tesla complained to JPMorgan in February 2019, that adjustments by the bank were an ‘opportunistic effort to profit from changes in Tesla’s stock volatility’. However, JPMorgan did not dispute the calculations.
Musk turned 50 on June 30, 2018. Since then, he has become increasingly unhinged, which Tesla employees call the’summer of 420′. Twittered that he was going to make his company public with little information. Joe Rogan smoked a joint and called British diver, who helped rescue Thai school boys from caves in Thailand, a ‘pedo.
Musk asked 60 million of his Twitter followers on November 6 if they wanted to sell their Tesla stock.
He said, “Much has been made recently of unrealized profits being a method of tax avoidance,” and he suggested selling 10% of his stock.
Musk estimates that 58% of the respondents answered yes.
Musk admitted that his wealth was tied up in stocks, and tweeted that he does not get any cash bonus or salary from anyone.
His words were: “I own only stock. Thus, I cannot pay taxes myself.”
His erratic behavior has staff so worried that they wake up in the morning and check his Twitter to see if anything he may have posted overnight can damage his companies, according to one former staffer quoted by Vanity Fair in an article in November 2020.
“We all look at it everyday when we wake up, and think, Ah, God! An anonymous staffer stated that they had no clue what they were about to witness.
Elon Musk visiting the Tesla factory, Berlin, on September 3, 2020
Although they hail him as an ‘intellectual’, his careless behavior over the last 12 months has exposed a part of him the public didn’t know about.
“The truth about Elon is that everybody else sees him now as he was always.”
“He’s still being Elon in private…he’s just being Elon more publicly,” a former Tesla employee stated.
On the launch days at SpaceX – his rocket company – they say they worry about whether or not a mission is successful because it will impact his mood.
His behavior was described by other sources as “degenerate.”
As a result, he became angry at his girlfriend for having tiny hairs on her faces and demanded her explanation as they left a nightclub.
Musk is said to have been angry at the club’s bright lighting, which made Musk’s hair visible.
She answered that she was a mammal, which enraged him when he asked why her hair was on her face.
There is an extreme level of degenerate behavior towards Elon. The paranoia is: Do you support me or are you against me? I genuinely want to leave the room sometimes when he walks in,’ the person said.
Musk appeared on Rogan’s 2018 podcast and said he had smoked pot.
In the same summer, he also posted that Tesla was being taken private at $420 per share. This is a reference towards marijuana.
Musk tweeted, “Summer calling a British diver an “pedo guy”
Musk is similar to Zuckerberg, Facebook’s Mark Zuckerberg and many others.
“All these guys I have spent time with, Musk, Zuck; all show tendencies to total and complete sociopathy.
‘They don’t at their core give a flying f**k about you or me as individuals.’
Musk fired his PR team in October 2020, and is now representing himself in the media.
He replied to Vanity Fair’s journalist when he was asked about their article.
One person stated that Elon was his communications director right now.
Musk turned against the media on November 19, 2019 after facing British diver Vernon Unsworth in a trial. Musk called Unsworth a ‘pedo”.
Musk tweeted his assertions without supporting evidence and the trial exposed how far he went to back them up.
Unsworth hired him a private detective to investigate the matter and find evidence that Unsworth was unsavory.
Unsworth was also something he tried to share with journalists, though he did so in an off-the record capacity. He was furious when BuzzFeed published his remarks.
He began blocking Twitter journalists after his trial. Musk won the verdict of the judge.