Elon Musk In SolarCity Trial Testimony Says 'Rather Hate' Being Tesla CEO

Tesla Inc. (NASDAQ: TSLA) CEO Elon Musk said that he “rather hates” being the boss of the electric vehicle maker and would prefer to spend his time on design and engineering, according to a report by the Wall Street Journal.

What Happened: Musk made the comments during his first day of testimony in a Delaware court on Monday in defense of Tesla's $2.6 billion acquisition of solar panel company SolarCity in 2016.

The opposing counsel wanted to establish how Musk’s “force of will” and faith in his view of Tesla’s future demonstrated his ability to control the SolarCity transaction, as per the report.

Musk also defended Tesla’s purchase of SolarCity, saying he had “no material role” in the deal negotiations and nothing to gain financially as he owned shares of both companies, the Associated Press reported.

The tech tycoon argued that SolarCity’s inability to meet aggressive sales forecasts was a result of his decision to divert Tesla’s resources on developing the company’s Model 3 electric car and the subsequent impact of the pandemic.

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Why It Matters: The lawsuit brought by Tesla’s shareholders alleges that the acquisition amounted to a bailout of SolarCity and Musk personally benefited from the acquisition.

SolarCity was founded by Musk's cousins Lyndon and Peter Rive, and Musk himself owned more than 20% of the company at the time of the deal.

Other board members of Tesla — with the exception of Musk — settled with the shareholders for $60 million in August last year, with no admission of wrongdoing. Musk refused to settle and is now the sole remaining defendant.

Price Action: Tesla shares closed almost 4.4% higher in Monday’s trading at $685.70.

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Photo by Heisenberg Media on Flickr