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Elon Musk threatens JPMorgan with ‘one star review on Yelp’ over lawsuit

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Tesla CEO Elon Musk supplied a flippant response to being sued for $162 million by JP Morgan Chase, threatening the nation’s largest financial institution with a “one star review on Yelp.”

In the lawsuit, filed Nov. 15 within the US District Court of the Southern District of New York, JPMorgan accused Musk’s electrical automobile firm Tesla of stiffing the financial institution on a commerce that JPMorgan helped prepare in 2014.

In a press release, JPMorgan mentioned, “We have provided Tesla multiple opportunities to fulfill its contractual obligations, so it is unfortunate that they have forced this issue into litigation.”

Musk struck a extra joking tone.

“If JPM doesn’t withdraw their lawsuit, I will give them a one-star review on Yelp,” Musk said in response to requests for remark from The Wall Street Journal.

“This is my final warning!” he added.

Musk and JPMorgan CEO Jamie Dimon have feuded behind the scenes for years, with the battle solely lately spilling into public view with the lawsuit, the Journal reported.

Conversations between the 2 firms have repeatedly upset executives from each firms, the Journal reported, citing folks acquainted with the matter.

According to JPMorgan, Tesla stiffed the financial institution on a commerce that JPMorgan helped prepare in 2014 and refused to carry up their finish of the discount.
REUTERS/Tingshu Wang/File Photo

The battle between Tesla and JPMorgan might have led the financial institution to overlook out on enterprise with Tesla, which has develop into an more and more vital shopper on Wall Street as its inventory worth has soared in recent times.

JPMorgan labored on Tesla’s IPO in 2010 in addition to a number of offers within the years that adopted, however the financial institution was often ranked behind rivals corresponding to Goldman Sachs and Morgan Stanley, in response to the Journal.

In the previous decade, JPMorgan has made about $15 million for advising Tesla and dealing with the electrical automobile maker on offers whereas rival Goldman has made about $90 million in the identical interval, the report mentioned.

JPMorgan CEO Jamie Dimon and Elon Musk have been feuding for years.
JPMorgan CEO Jamie Dimon and Elon Musk have been feuding for years.
Christophe Morin/Bloomberg through Getty Images

But the financial institution hasn’t accomplished any work with Tesla since 2016, in response to public data collected by the Journal.

And in Musk’s private capability dealing with funds, he’s spurned JPMorgan, as a substitute utilizing Morgan Stanley, Goldman and Bank of America.

According to folks acquainted with the matter, JPMorgan’s client financial institution was hesitant to again Tesla early on as a result of the financial institution questioned the long-term viability of electrical automobile batteries, the Journal reported.

Tesla owner Elon Musk has said that any continued litigation from JPMorgan will result in him leaving a one-star review on Yelp.
Tesla proprietor Elon Musk has mentioned that any continued litigation from JPMorgan will lead to him leaving a one-star review on Yelp.
Patrick Pleul/image alliance through Getty Images

But later, financial institution executives sought to strike an settlement with Musk by which Chase would develop into the first lender to Tesla patrons at dealerships, in response to the Journal.

Musk declined and now, JPMorgan struck a deal just like the one they as soon as sought from Tesla with rival electrical truck maker Rivian, the report mentioned.

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