"Vivek Ramaswamy has called for BuzzFeed to axe staff, focus on video and hire new voices such as former Fox News host Tucker Carlson after raising his stake in the media company to 8.3 per cent."
I do not know what to make of this Buzzfeed thing.
I'll say it again: If Musk does that, it's a breach of fiduciary duty to Tesla. A board could theoretically permit it, but this board has not done so - and would be questioned for its independence if it did. But the threat of it being so obvious -
Let me put it in concrete terms. Under current law, given stock exchange listing rules, Elon Musk can only get his 25% voting control over Tesla if he's given 25% of the equity. If these laws go into place, the board can "contract" with him to give him control over decisions regardless of whether shareholders vote him and other board members out.
My mother uses wheelchair service. You wait 20 minutes to find someone to push the wheelchair into the airport, and another 30-45 minutes for someone to take you to the gate. These aren't motorized wheelchairs; someone has to push you. What possible reason would you have for faking a need?
Last night's storm took out my internet (I assume the same storm that hit Houston earlier in the day) and now I'm sitting at my computer reading previously downloaded files and staring forlornly at web pages that won't load.
I'll add: the point of this thread is that the entire set of circumstances leading to this vote suggests bad faith by the board, which means the entire proxy is essentially a lie.
But I don't know how much a court can consider all of that when weighing the effects of a stockholder vote.
So oral argument in the NASDAQ diversity comply-or-explain rule involved, of course, a serious consideration of the academic evidence submitted by prominent scholars...
Oh, sorry, that was a different court I was thinking of