Tesla's change in bylaws to limit shareholder lawsuits slammed by New York state officials
1. Tesla modified its bylaws to limit derivative lawsuits by shareholders. 2. New York authorities demand reversal of the bylaw due to concerns of governance. 3. Musk's approval for Texas incorporation followed the voiding of a major pay package. 4. Only three entities own over 3% of Tesla's shares, limiting lawsuit potential. 5. Critics claim the changes undermine shareholder rights and corporate governance.