Elon Musk Reveals How He Saved Tesla From Bankruptcy While Ramping Up Model 3 Production

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Scores of SolarCity employees — from engineering, management, sales and service — were transferred to the Model 3

Tesla Inc. chief executive officer Elon Musk said he shifted resources from the solar company he bought three years ago to save his electric-car company from bankruptcy while it was ramping up production of the Model 3.

Musk made the admission as part of a lawsuit filed by Tesla investors over the company’s 2016 buyout of SolarCity, a solar-panel installer. Disgruntled shareholders contend Tesla directors rolled over when Musk pushed to buy the renewable-energy company. Musk was SolarCity’s chairman and largest shareholder at the time and his cousin was the chief executive officer.

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