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Snigdha Gairola

Elon Musk's Tesla Under Fire From New York Officials Over Bylaw Blocking Shareholder Lawsuits: Investor Calls It 'Bait-and-Switch'

Elon Musk New York Lawsuit United States Tesla Inc. New York State XAI

Tesla

Tesla Inc. (NASDAQ:TSLA) is facing criticism from New York state officials over a bylaw change that restricts shareholder lawsuits.

What Happened: The electric vehicle manufacturer revised its corporate bylaws in May, necessitating investors to hold at least 3% of the stock, valued at around $30 billion today, to file a derivative lawsuit for breach of fiduciary duties against the company. This change has drawn the ire of New York state officials, who are now demanding that Tesla scrap the bylaw altogether, reported CNBC.

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