Comment on Elon Musk demands another huge payday from Tesla
just_change_it@lemmy.world 5 months ago
He doesn’t need to own 25% of tesla’s shares to be given 25% of voting power. It’s very common for different classes of shares for a company to exist that have entirely different voting rights.
Goodie@lemmy.world 5 months ago
I believe in order for that to work, the shares have to be set up for that during IPO. I’m not sure of any company that’s done it mid-flight (but I could be wrong).
KingThrillgore@lemmy.ml 5 months ago
They also can’t re-issue dual shares in Delaware, where Tesla is incorporated.
Serinus@lemmy.world 5 months ago
They have, but it’s done before diluting shares. Generally people with voting power don’t vote that power away from themselves.