Tesla future in Australia at stake?

By Chris Anderson-Peters | May 17th, 2010

The future of Tesla coming to Australia could be in doubt due to co-founder Elon Musk’s expensive divorce case.

Tesla, most famous for its Roadster Electric sports car, recently announced plans to come to Australia with the Tesla Roadster but all plans could now be on shaky ground.

The CEO’s ex-wife is reportedly seeking 10 percent of her husband’s stake in the Tesla and $6 million.

The demands could complicate plans by Tesla Motors’ CEO Elon Musk to take the company public and expand to 23 countries including Australia.

The divorce could also affect Tesla’s ability to retain $465 million in U.S. government funding to launch the Model electric car if Musk does not hold enough stock in Telsa.

Musk, co-founder and largest shareholder (81 million shares) in Tesla, could lose (under Californian law) half his shares to wife Justine if the post-martial agreement is deemed invalid.

Tesla has issued a statement saying plans to go public will continue to go ahead.

The divorce proceedings for Musk continue.

Tony

It would have been worse if it was under Australian law!

Shak

Actually no it wouldnt have been. Under Australian law you dont automatically get half of your spouses assets, you have to prove that you need the assistance.

Andrew M

are you sure??

In the whats mine is yours relationship, its split down the middle.
You dont even have to be married to be done under the Aussie laws

Shak

Exactly. The only way you get your spouses things is if the court decided your kids need them, or if you are financially reliant on them.

LessQQ

Wrong again Shak.

I swear I don’t know where you pull your fiction from.

In Australian Law, assets are divided 50% between husband and wife.

There may be differing %, due to marriage details, eg. ownership of assets, length of marriage, reason for divorce, kids etc, but definitely not determined by whether a person “needs” it, how are you going to determine if a person needs $50 million or not? who really “”"needs”"” $50 million? (example). Assets procured together as a couple while married for example then both parties are entitled to 50%, but if an asset was a gift to one party from a business partner, then the other party is not eligible to claim that in the divorce.

Luckily our justice system is based on more tangible factors than Shak’s imagination.