Enough Musk Spam

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Tesla blocks stockholders with less than 3% shares from suing officers on its behalf (www.reuters.com)

submitted 2 weeks ago by DrunkEngineer@lemmy.world to c/enoughmuskspam@lemmy.world

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Tesla blocked shareholders who own less than 3% of its shares from suing its directors or officers on behalf of the electric vehicle maker for breach of duties, according to a filing with the U.S. Securities and Exchange Commission on Friday.

Three percent of Tesla's shares amounts to about 97 million shares worth about $34 billion as of Friday's close.

That is far higher than the nine shares owned by Richard Tornetta when he sued Tesla's CEO Elon Musk and several of its directors over his $56 billion pay package in 2018. Tesla was at the time incorporated in Delaware, where such a threshold does not exist.

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[–] ininewcrow@lemmy.ca 27 points 2 weeks ago

Jungle rules