Hate To Be CEO, Elon Musk Accused Of Pressuring Shareholders

JAKARTA – Being rich and famous doesn't always make a person happy. Elon Musk, the owner of the world's largest electric car manufacturer, has revealed that he doesn't enjoy being Tesla's boss.

"I kind of hate it and I'd rather spend my time on design and engineering," he told a US court.

The Tesla founder disclosed this early in the trial, in which he was accused of pressuring company board members to make a $2.6 billion deal to buy the solar panel company.

Shareholders claim the electric car maker's money was wasted buying SolarCity, which they say has run out of money.

At the time the deal was made, Elon Musk had a 22% stake in Tesla and the solar panel company, founded by his cousin.

"Because this is a stock-to-share transaction and I own almost the same percentage of both, there is no financial gain," he said.

He also denied putting pressure on board members, saying the deal was part of a "master plan" to create affordable vehicles with green power supplies.

Shareholders who filed the case against Musk, which is worth $168 billion according to Forbes, have asked the court to have him pay Tesla $2.6 billion in full. This will be one of the largest trials ever against an individual.

Last year, another board member at Tesla settled a lawsuit over a $60 million deal. The board members, with the exception of Musk, did not admit any wrongdoing.

Dan Ives, the analyst at Wedbush Securities, said investors would be watching the case closely.

The SolarCity deal has become a "shame" for Musk and a harbinger of Tesla. Nonetheless, Tesla shares remained up on Monday, closing more than 4% higher.

The trial is expected to last about two weeks. Randall Baron, the shareholders' attorney, warned Musk that the case heard in Delaware Chancery Court "would be a problem". Pointing to a thick document folder prepared by the Baron, Musk replied: "I know from that folder."