JPMorgan has sued Tesla for $162.2m over the electric car company“flagrantly” breaching a 2014 contract relating to stock trading options that Tesla sold to the bank.
The suit that has been filed in a Manhattan federal court is over “a dispute over how JPMorgan repriced its Tesla warrants as a result of Musk’s notorious 2018 tweet that he was considering taking the carmaker private”, the Guardian reported.
The news comes days after Elon Musk sold $5bn in Tesla stock days after a Twitter poll.
“We have provided Tesla multiple opportunities to fulfil its contractual obligations, so it is unfortunate that they have forced this issue into litigation,” a spokesperson for JPMorgan said in a statement.
Tesla did not respond to requests for comment.