JP Morgan sues Tesla for $162 Million over warrants!
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- เผยแพร่เมื่อ 26 ส.ค. 2024
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JP Morgan Chase is suing Tesla for $162 million over tweets in 2018 by Technoking Elon Musk that he would take the electric vehicle maker private.
JP Morgan accuses Tesla of "flagrantly" breaching a deal it claims should have triggered payments to JP Morgan.
JP Morgan's suit, filed in a Manhattan federal court, says that Tesla sold warrants to JP Morgan allowing the bank to purchase shares if the "strike" price was below Tesla's share price when the warrants expired in 2021.
"We have provided Tesla multiple opportunities to fulfil its contractual obligations, so it is unfortunate that they have forced this issue into litigation," a spokesperson for JP Morgan said in a statement.
The warrants contained standard provisions from an ISDA agreement that allow JP Morgan to adjust the strike price to protect both parties against the economic effects of "significant corporate transactions involving Tesla," such as an announcement the company was going private.
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yes marc de mesel!!
The only thing I understand about this video is the sarcastic joke about "small car company toyota" laughed my ass off 🤣 but was confused about everything else. I'm just here for the jokes
your dry humour is excellent.
Hey Patrick, great content as usual, i was wondering if you could talk about bonding curves in a future video , an example of a crypto projet that uses a bonding curve to control the price token is $ghst
As a lawyer, it seems like Tesla have a good logical case but it's surprising they didn't challenge JPMorgan's calculations, which could harm the case.
Why would the expected volatility of Tesla stock be higher pre-announcement than it would be after Musk's erratic behavior and going back on his going-private promises? One would intuitively imagine that expected volatility would be higher and as a result the strike price would at least remain the same - if not be higher than - the pre-announcement warrant strike price.
It must be insanely frustrating to be Elon Musk's legal team
And profitable.
Yeah they really have to work for their money!
He has legal representation?
But profitable.
At least they have steady work 😂
Elon should just sell his "taking Tesla private" tweet as an NFT to pay for the lawsuit. 2021 finance!
Oh that is stupid but brilliant!
Brilliant comment.
The 69D chess 420iq move. obligatory Noice!
Does Elon own the tweet?
now we're talking
"If a small car company like Toyota were to buy a big car company like Tesla" Patrick you sense of humour is drier than the Atacama desert ;)
😂😂
I thought he was going to use rivian as an example.
"Elon Musk finds the numbers 420 and 69 funny...but as we can see in this lawsuit, derivatives traders and lawyers do not find any numbers funny"
I collapsed laughing at that line, because it's also depressingly true according to the stock market
Which why you can tell Tesla (really the stock and bond market) is in trouble in the long game. Toyota is the biggest and safest bet in the industry it easily by output is the largest car company in the world. Yet Tesla is somehow worth more than the entire auto industry put together despite not making a tenth the amount of products Toyota does, while not making any real profit.
“Elon Musk finds the numbers 420 and 69 funny, as do people on Reddit; but, as we can see in this lawsuit: derivatives traders and lawyers do not find *any* numbers funny. I’ve spent over twenty years in the finance industry, and have never encountered a trader who laughs when they hear or see the number four hundred and twenty. That may be one of the key differences between the tech and finance industries.”
Thanks for the video Patrick, I love your sense of humour.
I'm a huge meme understander, and when Elon tweeted 420 i still did not realise he was memeing. I suspect he had no intention to meme at all but he just announced the "deal" too early.
@@JoelChenFa Elon is a huge understander too. Him and Trump, two of history’s greatest understanders.
(11:22) "Now in truth that's basically the job description of a derivatives trader. If you're ever interviewing for a job like this, you should probably include on your C.V. that you're unreasonably swift and opportunistic. That'll go down well." --Patrick Boyle
Tech industry is primary concerned with stealing investors' money, and the finance industry is how they do it.
@@salamandiusbraveheart4183 lmao
"small company like Toyota merging with a large company like Tesla" !! ...just love the tone of the understatement. Thank you Patrick, always informative and entertaining.
"Lets say a small car company like Toyota wants to buy a big car company like Tesla"... you should be a standup comedian with lines like that.
I was laughing so hard. He just barrels through to the next part.
So funny. I do wonder where Tesla will be when the traditional combustion engine car companies get their electric cars zooming off the production line in volume. I saw a VW id3 on the road for the first time the other day...It looked like it had the high build quality of a very strong German car brand... I'd prefer that VW car to a car built by a company whose CEO thinks that cars named to spell S3XY is the way to go. Hmmm
as of bubble value Tesla is a much bigger balloon.
@@howardgraff4084 They need more than a great build quality. There's a guy who tears down cars and has done so for years and has worked at big car companies and even now he's saying others are around 3-7 years behind on every single technology. And the gap hasn't shrunk, its just getting wider. He was so disappointed with the initial model 3 but over the years has just seen the most incredible amount of improvements and advancements. Others have to start innovating and fast
@@howardgraff4084 but but tesla go vroooommm! And elon the nerd Jesus tweets memes.
"Some of this stuff can be a little complex" *As I stare at the computer in confusion* Thanks for making me feel better Patrick!
It is meant to be complex. Part of the banks "Power."
I think most people in the comments, somewhat justifiably because it wasn't emphasized, have missed the actual legal matter at hand. JPM claims that part of their contract with Tesla allowed them to adjust the strike price of the warrants based on potential corporate actions. JPM exercised those adjustments according to calculations that follow the contract language, but Tesla disagreed with JPM that the adjustments should have been made. When JPM exercised the warrants, they just took the cash difference between the strike price and market price, so a lower strike price makes JPM more money. Tesla only gave them the difference between the price and the original strike price. It looks like Tesla is in breach of contract if they're not disputing any part of what was actually in the contract. It's not relevant that JPM still made a ton of money on the deal - they think should get the amount that was arrived at by the terms of the agreement, which is generally how contracts work.
Yes, it looks like JP Morgan should win. If I'm understanding this right, Teslas' defense is essentially "You should have waited a few weeks before doing anything to see that we were only joking."
Yeah it aint TORT
@kevinstreet lmaoooo
Problem is "potential corporate actions" is also NOT completing "Considering taking Tesla private".
Remember JPM adjusted the strike back after it did fall through, they are suing on a loss on this double change. (or volatility or something?)
It looks like they want to have their cake and eat it.
@@musaran2 Oh yeah, they made money. They're suing because they would have made more money otherwise.
"some of this stuff can be a little bit complex"..you basically explained up my entire Financial Risk Management semester long subject in 30 seconds.
"I'm not a legal expert, so I'll let you guys tell me in the comments...." LMFAO
"That may be one of key differences between the tech and finance industries" Pure gold! lol
Educational financial standup comedy. One of my new favourite genres.
The bad news: I understood almost none of this
The good news: I have an excuse to rewatch
Same l😂
Damn I needed to hear this a couple days ago. I applied to Morgan Stanley and I didn't include "unreasonably quick and opportunistic" on my resume or cover letter 😥
If your fast you can submit a second cover letter explaining that your now quickly submitting a secondary cover letter, after learning about some necessary traits, exploiting the algorithm Morgan Stanley uses to find new hires.
Swift would get you hired
So I take it you missed out on a job?
Watching videos like these let's me know how little knowledge I have as far as finance and economics.
Patrick: "I'm not a legal expert but you can tell me down in the comments what you think"
Me: "As someone with extensive knowledge of catfacts subreddit, let me give you the rundown"
The day has arrived. When I listen to a TH-cam video about derivatives, implied volatility, delta hedging and I understand everything. Do I get a prize Patrick?
It feels good, doesn't it. Allows you to focus on the important parts, the humour
i hope he also gives attendance prizes as most of itas above my head! Maybe it what I sound like when I try to explain tech stuff to non-techs! LOL
Patrick gets a prize?
Congratulations, I didn’t understand most of what he said but it was still nonetheless interesting to watch. I’m learning all these things now since I’m starting to invest, but honestly I don’t even know where to begin… I feel like I need a dictionary for every other word he said in this video 😂
I’m almost there. I got half. 😂
"some of this stuff can be a little bit complex."
You don't say!
I love this channel. I learn, I laugh, I cry that the world works this way
if this was the "talking to camera" part of The Office, but for a show about a Financial Office, the explanation about how no one in finance thinks certain numbers are funny, would've been one of the greatest moments in television. For now, appreciative of this free comedy gold on the internet.
"some of this stuff can be a little bit complicated"
Me finding all the 14min complicated....
6:35 "Small car company like toyota buys a big car company like tesla" man the jokes just get more subtle and subtle
Do judges even understand this in court ?
Does not Matter. The question is only about: joke or Not? If No, JP wins no Matter the contract Details.
I learned more about finance in this video than 6 months of university. Insane value in this video. I will be sharing this with my friends who would be interested in this
"I've spent 20 years in the finance industry and I've never encountered a trader that finds the number 420 funny. That may be one of the fundamental differences between the financial and tech industries."
Okay but your dry wit here sent me, A+ sir, this is why I watch your channel
"A small car company like Toyota..." Literally the highest volume car manufacturing group. 😂
Yes, tbh. This made no sense.
@@brodyalden It was a joke my friend.
the capitalisation of Toyota is tiny compared to Tesla, thus the joke
Tesla has distorted the market. Everything looks small
Patrick has one of the best senses of humour amongst those sharing financial information on TH-cam.
It is very difficult not to be dazzled by your skill at explaining deals in the financial world and at the same time, by your skill at deceptively masking your incandescent critiques with the subtlest of humor. The best of all worlds, if you ask me. Unquestionably one of the very best channels on TH-cam.
jpmorgan will definitely win this, stupid tweet caused much pain and outcomes are settled these days
however 162 mil is pocket change for tsla, might be big money for smaller automakers such as toyota though :D
Is the assigned judge supposed to take a Patrick Boyle course before making a ruling?
What about the jurors? I am an economics graduate and I didn’t understand this video.
The Important question is If the judge judges teslas joking AS valid joking or Not. For that you do Not need to Unserstand the contract at all. Just Check or...judge...If the announcement is offical or Not.
@@pointlesspublishing5351
You obviously don't understand how things work in the finance world. It is not as simple as you make it sound.
Elon was already penalized by the SEC for that same "joke".
Even worse then. At least for him.
I just got the "small car maker" TOYOTA and the "big car company" Tesla joke. Insanely awesome, but a bir sarcastic, though! 🤣🤣🤣
Does Toyota make cool CGI? I didn't think so either
I nominate Patrick as the first president of The Elon Musk Fan Club.
Doubt he would want that title :D
@@xdman20005 I think thats the joke!
@@snooganslestat2030 hopefully :)
I second that.
I would like to put the motion forward that floki inu will be the in club currencies.
Oh boy.... a judge has to know their stuff to give a ruling in this case huh? So do the lawyers... admirable.
And that’s why STEM majors are sought after by law schools, patent law and finance need a pretty analytical background
Lawyers are smart...they will understand it within 15 days
This case will be dealt with by lawyers and a judge who specialise in this stuff and deal with it day in and day out. Unlike us who have to watch Patrick Boyle to understand what warrants are etc, these guys have been on top of it for years. That’s why they will be paid handsomely for their time and trouble.
" mention that you are unreasonably quick and opportunistic" alright, I laughed out loud.
The face i made when he compared tesla to Toyota 🥴🤨 lol
I think Mem stocks/Tesla/etc. are breaking Patrick... I can hear the pain in his voice to talk about 'CEO's who think tweeting random stuff is funny"
I can't believe this material is free on the internet.
So basically Tesla goes to the Bank and says "Just a prank" - and expects His Financier to laugh with them? How out of tune can a company be? Imagine such a joke with your Home mortage...
Nah. Elon musk is smart. It prob had some kind of debt to it, that we dont know about.
@@kjt2423 Nah. Elon is dumb. The problem is; his followers are even dumber.
there is a reason why the other banks didn't go after Elon for the "prank". They probably like money very much and want to continue servicing the world's richest man.
@@kjt2423 Elon is a dumb son of daddy
@@senerzen well Elon is the smartest dumb guy out there.
9:28 Derivatives trader don't find any number funny 🤣🤣
I am glad the $50,000 I spent on getting a financial engineering degree allowed me to understand what are you talking about in this video
Let's be honest, this is basically the equivalent of pocket change for the average person 😂
"Let's say a small car maker like Toyota decided to buy big car company like Tesla..." Patrick's humor is priceless !!!! 🤣🤣🤣
Somehow I really find your stories more and more valuable after the hype season. Please keep them up.
Insightful summary of warrants.
Going to be an expensive joke, judges don't smoke either ....
Lol that's like someone suing the average person for like 50 bucks
This derivate makes Inception plot look like a children's bedside story.
Tesla spends almost zero on advertising. That should explain most of Musk’s behavior.
actually, you can drop the "almost" from your comment. They don't even have a department or staff to do any advertising at all.
Instead of an advertising department, the money is being allocated to the legal budget.
yeap, it is likley why he was so pissed biden didnt invite him to a big 3 event....he was pissed his free advertisement grift wasnt coming his way
@@rorykeegan1895 caught me trying to cover my ass
Tesla is such a weird thing. I recall shorting Tesla stocks a few years ago because Musk's biography, his statements, and the actual financial data of Tesla did not make sense to me. He lied so often, about so many topics, that I had to short TSLA. However, when I then made losses, I cleared my position, and never looked back at TSLA again. I find crypto trading easier and more predictable than Musk.
dude lies about being a founder of companies he bought, its so incredibly unsettling.
Economics assumes market participants are rational. But that is just so that they can make predictions and get to call themselves a science. In reality, most market participants are dumb and easily manipulated. You cant predict what crazy cultists are going to do next.
This video is indescribably funny and enjoyable to watch, keep up the great work Patrick.
Based on the one tweet itself, "Considering" is the word here that should save Tesla legally. It is by no means a definitive declaration of action. Though I don't know enough about other statements or conversations had in those few weeks. If Elon or Tesla definitively stated that the deal was happening, well cough up that money!
‘Funding secured’ was misleading as it wasn’t secured.
AFAIK retail traders were left in the blue, and had to just guess the outcome. Even now we don't know the "funding secured".
If other traders were given more information, that would be insider trading.
That is immaterial. Tesla made an official announcement that they are considering a delist @420, funding secured.
Adding “Funding secured” qualifies “considering”. It contradicts a claim that considering only means this is something Musk is merely thinking about. It clearly indicates that concrete steps have been taken to make it happen and it’s news that investors need to take seriously. It was also published on a platform the company had nominated as one of its ways of making serious announcements to the market.
I don’t know what the result of the claim is, or if the claim has been resolved, but I would not think that Musk’s use of “considering” is anything like a killer point for Tesla. The issue is whether the tweets were announcements that affected the volatility of the stock and thereby entitled JP Morgan to adjust the strike price as they did. If so entitled, JP Morgan win.
Clearly, the other three banks hire derivatives traders who are slow and not opportunistic.
"But as we can see from this lawsuit, derivatives traders and lawyers do not find any numbers funny."
I can't stop laughing!
Patrick, your videos are absolutely great!
You should be made aware that on mobile there is no recommended video when you say „watch this video next“ (-:
Cheers
Tesla "You're being both unreasonable and swift!" JP Morgan- "So sad, so sad... anyways."
"I'm not a legal expert, so I'll let you guys in the comments tell me who should win this case". Lol, even the comment section needs to duck once in a while :). So gold. Much 69.
JP Morgan is right, Musk should take responsibility for his actions.
He did. The SEC sanctioned him. The agreement doesn't give JP Morgan the right to profit from Musk's malfeasance. And the CONSEQUENCE of Musk's actions is the JPMorgan made a bunch of money because volatility increased. The warrant clearly indicates that a strike price decrease should only be used to offset a DECREASE in the value of the warrant. Not an increase. There is no example of this language ever being interpreted this way across many many different transactions. And indeed, the other three banks all agree with this.
"What are your greatest strengths?"
"I am unreasonably swift and opportunistic."
Learning a lot from this channel. Thank you
I am not a derivatives trader, but I will definitely put "unreasonably swift and opportunistic" on my resume.
_Same!_
Thank you. Twitter is people talking to themselves 👍
Glad you are going back to your roots Patrick. 🤗
I love the camera and office setup.
Simple mathematical equation: Zero = H x G. Whereas any business that starts with G undergoes a lot of H but the combined long term value will always be Zero. H stands for Hype and G stands for "Green". Irish billionaire Sean Quinn started off with a wind farm and Musk started off with electric cars. A Tesla ran out of battery in a busy London car park recently blocking the exit. The first thing they tried to do was tow it, but they cannot be towed. It took the rest of the day to get it moved out of the way. Never ask the owner of a diesel car if they will change to electric, ask the owner of an electric car what they will buy next? Once bitten twice shy. Good video Patrick.
Unreasonably swift and opportunistic might be good for a derivative's trader, but not so great to lead off with on a first date.
What I learnt from the video is that lawyers are humourless.
I really shouldn't listen to Mr Boyle while driving. 9:30 had me keeling.
"Some of this stuff can be a little bit complex."
I disagree with your statement that "[the bank's] biggest risk is that Tesla stock becomes less volatile".
It is true that the warrant becomes less valuable if Tesla stock is less volatile, but remember that the Bank holds a (effectively) short call spread. The short call with lower strike has a bigger gamma, and the whole call spread position would increase in value if the stock becomes less volatile. That is the case, of course, only when stock price was below the two strikes. But then after the stock price has risen, most of the losses would have been realized when the price rise through the two strikes, and vol does not matter much anyway.
... unless the bank has already unloaded the call options from their book, in which case the only thing they need to worry about is the warrant.
this just reinforces my argument that tesla stock is no longer really a stock but just a financial instrument. is that a joke? when you say a small car manufacturer like Toyota? and a large one like Tesla?
Had to rewind and listen to the line on Toyota again. And then pause to laugh 😂. Patrick, you’re hilarious!
Thanks for the video! I'm afraid the details went way over my head, but it sounds like JP Morgan has a decent case.
Wonderful finance content
Nice classic video on financial markets!
I don't understand any of the topics on this channel, but I keep watching to gain some insight perhaps one day it might become practical for life choices. I am bewildered by how different academic fields vary in context that no two fields of study have much of anything in common. I'm an engineer who wants to develop products but making things alone doesn't make sense without understanding the underlying benefit in satisfaction and profits that may become a risk through the design cycle. Interesting videos Patrick.
Maybe he will hold a twitter poll if he should pay.
This was legit funny, the delivery with a straight face makes it funnier, and the fact its about over a 100 million dollars makes it absurd.
this is a great lesson in just how unknown the risks of investing can be... you never know when the CEO of the company you have warrants in is going to make a 420 joke, and it could cost you hundreds of millions
err ... they actually made hundreds of millions anyway.
The house got played and is angry
Somebody got away with calling somebody swift!
Patrick is one COOL CAT ‼️
Cheers
Very informative and entertaining video, the Tesla CFO section is so funny
Mentioning that you are unreasonably swift and opportunistic in your Tinder profile doesn't go particularly well though.
Well obviously JP failed to hedge their techno-meme risk appropriately.
6:34 lol subtle humor, small Toyota big Tesla, almost didnt catch that
Great video patrick....keep it up...you will get half a million subscribers....thanks for sharing such a good concept.
Being completely oblivious to the significance of 420 I would not have seen the joke either. I am not sure the defendant should be the company. I think it should be Musk and I think JPMC would win as his frivolity has cost the bank money. I assume the recovery is predicated on a tort, presumably duty of care.
TIL: I need to read Patrick’s book because I obviously do not understand options and I am apparently just gambling.
your style is great, congrats for the video
The case was settled when the SEC got involved, but nowhere near the amount JPM was asking. Did I read that right?
It's so weird that Toyota has a market Cap of around 255B and Tesla has a market Cap of around 1100B... So your statement is about right, but weird.
"small car company like toyota buying big car company like Tesla" I see what you did there
Honestly I would also love straight up derivatives videos.
Elon responds six months later, “he that broke he needs his money back”
Fantastic analysis. Thank you Patrick!
I love this understatement "some of this can be a little complex" lol
5:54 nawwwww really?
Please make all your books kindle format!
Watch Elon come in with a settlement offer of $69M....
Nice summary of the financial derivatives side of the case, thanks.