India’s solar product exports record over 20-fold jump to $2 bn in last 2 years
India’s exports of solar photovoltaic (PV) products surged 23 times to $2 billion in the fiscal year (FY) 2024 from FY22, according to a new report.
A US judge has sided with Tesla CEO Elon Musk in a hefty lawsuit brought by Tesla shareholders, which accused the executive of coercing the electric vehicle company’s board into buying SolarCity back in 2016.
According to TechCrunch, seeking as much as $13 billion in damages, the shareholders alleged that Tesla’s $2.6 billion, all-stock SolarCity deal amounted to “rescue from financial distress, a bailout, orchestrated by Elon Musk,” as per a January statement from the plaintiff’s attorney, Randy Baron.
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While the court found that Musk “was more involved in the process than a conflicted fiduciary should be,” it ultimately ruled in favour of the “technoking” on all counts. Shareholders still have the option to file an appeal, the report said.
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At the time of the deal, Musk’s connections to Solar City ran deep. The unprofitable solar energy firm was co-founded and co-led by Musk’s first cousins, Lyndon and Peter Rive, and Musk was Solar City’s largest shareholder and chairman.
“[The] Tesla Board meaningfully vetted the Acquisition, and Elon did not stand in its way,” read the opinion by Vice Chancellor Joseph Slights.
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