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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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[–] PunnyName@lemmy.world 30 points 2 weeks ago (1 children)

Who's in charge of the SEC right now?

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

Jungle rules

[–] shalafi@lemmy.world 17 points 2 weeks ago (2 children)

Someone explain how a corporation can block me from suing them, regardless of my shareholder status. A judge could easily find I have no standing, wrong jurisdiction, etc., but, "Fuck you, can't sue us! Neener, neener, neener!", doesn't strike me as settled law.

[–] toy_boat_toy_boat@lemmy.world 8 points 2 weeks ago

they're bullshit artists, and they're actually pretty good at it. saying something is one thing. playing it out is another.

[–] notabot@lemm.ee 7 points 2 weeks ago (1 children)

They're not blocking you sueing them, they're blocking you sueing the directors on behalf of the company. So you, as a shareholder, can't then raise a lawsuit saying, for instance, that a director has done something that harms the company, and thus the shareholders.

[–] Nougat@fedia.io 1 points 2 weeks ago

Some shareholders are more equal than others.