Elon Musk, the CEO of Tesla, responded to JP Morgan Chase’s $162 million lawsuit by threatening the U.S’ largest bank with a “one-star review on Yelp.”
According to the lawsuit, JPMorgan accused Musk’s electric vehicle company Tesla of stiffing the bank on a deal that the bank helped arrange in 2014, filed on Nov. 15 in the US District Court for the Southern District of New York.
“We have provided Tesla multiple opportunities to fulfill its contractual obligations, so it is unfortunate that they have forced this issue into litigation,” read a statement issued by the bank.
“We have provided Tesla multiple opportunities to fulfill its contractual obligations, so it is unfortunate that they have forced this issue into litigation,” JPMorgan said in a statement.
Musk’s tone was lighter and more humorous. In response to comments requested by the Wall Street Journal, Musk declared, “If JPM does not withdraw their lawsuit, I will give them a one-star review on Yelp.”
He continued, “This is my final warning!”
Musk and JPMorgan CEO Jamie Dimon have been feuding behind the scenes for years, with the lawsuit bringing the conflict into the open. And the conversations between the two firms often upset executives from both organisations.
Making bank enemies is dangerous, even if it appears to be done in jest. However, the electric carmaker isn’t struggling to find banks to work with due to its record-breaking valuation of more than $1 trillion.
According to his comments to the Wall Street Journal, Musk isn’t much bothered by the whole situation. Furthermore, $162 million is mad money for a top billionaire like Musk. Fortunately, Alex Spiro, the lawyer who played an essential role in avoiding a defamation case against Musk, will strongly defend him. Similarly, Tesla is in a strong position, owing to its high valuations this year.
However, let us see how JPMorgan will make a strong argument in the case.