Reuters

JPMorgan sues Tesla for $162 million after Musk tweets soured warrant deal

NEW YORK (Reuters) -JPMorgan Chase & Co has sued Tesla Inc for $162.2 million, accusing Elon Musk’s electric car company of “flagrantly” breaching a contract the two corporate giants agreed in 2014 relating to warrants Tesla sold to the bank. The suit, filed in a Manhattan federal court, centers on a dispute over how JPMorgan re-priced its Tesla warrants as a result of Musk’s notorious 2018 tweet that he was considering taking the carmaker private. It is unusual for a major Wall Street bank to sue such a high-profile client, although JPMorgan has done relatively little business with the electric carmaker over the past seven years, according to Tesla’s filings and Refinitiv data.