Economy

Elon Musk's Lawyer Called Azealia Banks A Twitter Villain And She's Pissed

Elon Musk's Lawyer Called Azealia Banks A Twitter Villain And She's Pissed

As Bloomberg first reported, Tesla investors want to subpoena musician Claire Elise Boucher, a.k.a. Grimes, the rapper Azealia Banks, and several news outlets due to their potential knowledge about Musk's August tweet in which he said, "Am considering taking Tesla private at $420".

Tesla's Shanghai venture comes as USA companies face pressure from President Donald Trump to keep manufacturing jobs at home, and as Beijing and Washington persist with a trade spat that has seen both sides levy tariffs on hundreds of billions of dollars of products.

The CA based Electric Vehicle maker frim, has been targeting to accelerate sales in China, which was hit hurt by the impact of trade conflict between Beijing and Washington.

Typically, pretrial information sharing in shareholder securities fraud cases doesn't begin until after a complaint has been legally tested in court, which hasn't happened yet in the Musk tweet litigation.

A local plant will help Tesla lower prices in the market to compete with a new generation of local rivals including Nio, Byton and XPeng Motors. The plaintiffs are also proposing subpoenas of rapper Azealia Banks, who alleged in Instagram posts that Musk was using drugs at the time, and various media outlets that interviewed Banks or Musk, like Business Insider and The New York Times. 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 USA -made cars starting January 1.

Tesla signed a preliminary agreement with the Shanghai government past year to build the 500,000-unit factory in the Chinese city.

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"Affordable cars must be made on same continent as customers", Musk said in another tweet.

At the height of the dispute, when China imposed the additional duty on American-made autos, Tesla sales in the Asian country, its second-largest market, plunged to as low as 211 in October, from 3,552 in June, according to data compiled by Bloomberg Intelligence.

The Shanghai factory will be Tesla's first production line outside the United States.

"Aiming to finish initial construction this summer, start Model 3 production end of year & reach high volume production next year", Musk wrote in a separate post on Twitter.

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 the whipsawing trade war.