[troutman]

In May, Tesla changed its corporate bylaws in a way that would require investors to own 3% of the stock, today worth about $30 billion, in order to file a derivative lawsuit against the company for breach of fiduciary duties. Authorities in New York State are now asking Tesla to delete the bylaw entirely

The New York fund overseers wrote that derivative actions are "the last resort for shareholders to enforce their rights" when company directors or officers violate their fiduciary obligations, and called Tesla's decision on the matter "egregious."

In an email to CNBC, DiNapoli said Tesla "deceived shareholders" in assuring them that their rights would remain the same in Texas.

"These actions violate basic tenets of good corporate governance and must be reversed," he wrote.

https://stocks.apple.com/AGRyGWAynTj-a7z08FyAbaQ