Hyperdrive
Tesla Puts Stricter Cap on Musk’s Borrowing With Pledged Shares
Vehicles for sale at a Tesla store in Vallejo, California.
Photographer: David Paul Morris/BloombergThis article is for subscribers only.
Tesla Inc.’s board amended its policy around pledging shares, capping the total loan amount that Elon Musk can collateralize with his stake at the lesser of $3.5 billion or 25% of the value of the stock.
In a proxy statement filed Thursday, the electric-car maker described a policy that deviates from previous filings and singles out Musk, Tesla’s chief executive officer.