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rssElon Musk says Tesla would have gone bankrupt if he didn’t shift production from solar
That’s quite the admission
Tesla would have gone bankrupt if CEO Elon Musk didn’t shift workers from Solar City to Model 3 production, he said in a deposition that was just made public.
“If I did not take everyone off of solar and focus them on the Model 3 program to the detriment of solar, then Tesla would have gone bankrupt,” Musk said in a June pre-trial deposition made public in state court in Delaware. “So I took everyone from solar, and said: ‘instead of working on solar, you need to work on the Model 3 program.’ And as a result, solar suffered, as you
would expect.”
That’s a pretty serious thing to admit — and not to disclose at the time it was happening.
The deposition was in a lawsuit from pension funds that argue Tesla shouldn’t have spent $2 billion to buy SolarCity when it was struggling itself. The insinuation is that Tesla bailed out Musk’s other project to save face.