Making a false claim about Henrik Fisker, Elon Musk tries to rewrite history about past litigation between Tesla Motors and Fisker.
Today, we learned Elon Musk took to Twitter to comment on a lawsuit between Karma and DeLorean executives. In doing so, the Tesla CEO tried to drag Henrik Fisker through the mud in reply to an article about the litigation. Musk stated on Twitter, “How ironic, that’s what Henrik Fisker did to Tesla in 2007! Karma is a …”
However, there is no comparison between Fisker and what is going on among Karma and DeLorean executives. Musk is referring to the controversy between Tesla Motors and Fisker that took place between 2007 and 2008. Of course, Musk fails to mention Fisker was vindicated after arbitration took place at the end of 2008. Elon is wrong and what he said is a flat out lie.
Unfounded Controversy Between Tesla Motors and Fisker
The issues between Elon Musk, Tesla Motors, and Fisker have been well-documented dating back to 2007. In April of 2008, Telsa Motors filed a lawsuit against Fisker (i.e., Fisker Coachbuild, Fisker and Koehler). Tesla Motors claimed Fisker committed fraud by agreeing to a design contract then subsequently announcing the Fisker Karma. Tesla Motors said the Fisker Karma was a competing vehicle to what it planned to launch in 2010.
The lawsuit tried to prevent Fisker from launching the Karma, asked Fisker to return money earned from the design contract, and sought punitive damages. Fisker filed for arbitration in May 2008. Six months later, in November 2008, the arbiter settled the dispute citing “overwhelming” evidence that ruled in Fisker’s favor. In fact, Tesla had to pay Fisker $1.4 million in legal fees and expenses.
Move On Already, Elon
While being the richest person in the world probably has its benefits, it can’t change facts. Clearly, not happy with the past, Musk still has a chip on his shoulder. Elon simply needs to move on already. He tries to take pot shots at Henrik Fisker from time to time.
Furthermore, it would be sad to find out if Musk is the one who is behind shorting Fisker’s stock. Short sellers have been selling Fisker shares hand over fist in the hope of buying the stock at a lower price in the future. Last month, short interest in Fisker shares topped 35%. As of today, Fisker shares have a 31.48% short interest equating to roughly $750 million in value. To this day, it remains a mystery who has been betting against Fisker by shorting its shares.
Nevertheless, Henrik and the Fisker team keep delivering milestone after milestone. Last week, Henrik showed several fully built Fisker Oceans at the end of the high volume assembly line. The Fisker Ocean is being built in Graz, Austria by Magna Steyr. Fisker is on track for its official start of production of the electric SUV on November 17th. In 49 days, Fisker and Magna will be producing sellable vehicles.
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“…lawsuit between Fisker Karma…” That’s misleading! You meant Karma Automotive, right?
Karma, Karma Automotive.
The meat rocket should use his money on childcare. Instead of picking on shares there is better and more green than his own.
Let us ignore the noise and stay focused! Happy Mr. Fisker’s team is bringing out these really beautiful, comfortable SUVs. If executed on time, as reported in the news, Fisker can beat TESLA hands down in areas that are most important to value-conscious consumers.