Elon Musk scrambles to keep Grimes, Azealia Banks out of investor lawsuit

Daniel Fowler
January 7, 2019

Musk's attorney, Dean Kristy, argued in a motion filed Thursday in a us district court that the proposed subpoena of Canadian musician Grimes, who was dating Musk in August when he tweeted that he was considering taking Tesla private at $420 per share, is an effort to "sensationalize these proceedings" rather than a legitimate fact-finding mission. But despite what one might read in Elon Musk's Twitter feed, it's not yet the top dog.

Concerns about the shrinking USA tax credit and Tesla's decision to cut prices by United States dollars 2,000 to partially offset the lower incentive sent the automaker's shares plunging 9.7 percent during the first two trading days of the year.

Tesla Inc. has yet to obtain approval from authorities in Europe to begin selling the Model 3 in the region, though this isn't expected to impede the carmaker from starting deliveries next month, according to a person familiar with the matter. The two sides have called a truce in their trade fight and are engaged in talks to cool tensions, with China temporarily scrapping a retaliatory 25 percent tariff on US -made cars starting January 1.

Apple sparked global alarm over the prospects for the world's second-largest economy last week when it cut its revenue forecast citing slowing demand in China and the trade war.

A Chinese flag is seen on the land secured by Tesla for its Gigafactory in Shanghai.

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In response to this news, Musk's lawyer Dean Kristy made some remarks discrediting Azealia Banks for her antics on social media, calling her a "veteran of long and nonsensical beefs" and a "Twitter villain" who has been banned from the platform for her inflammatory statements. "All Model S/X & higher cost versions of Model 3/Y will still be built in U.S. for WW market, incl China", he later added, referring to the worldwide market including China. "This is going to get extremely ugly.Elon will learn very soon who is more powerful of us two".

The so-called Gigafactory would also be China's first wholly foreign-owned vehicle plant, a reflection of China's broader shift to open up its auto market even amid a whipsawing trade war between Washington and Beijing.

Tesla plans to produce its Model 3 and Model Y cars in the initial phase of production at the Shanghai plant, with an annual capacity of 250 000 vehicles.

Musk tweeted ahead of the formal start of construction of the firm's first Chinese plant.

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