Elon Musk’s Space Dream Almost Killed Tesla
"they were in the process of finalizing the paperwork for the funding round when Musk noticed a problem. VantagePoint Capital Partners had signed all of the paperwork except for one crucial page...Musk believed that Salzman’s tactics were part of a mission to bankrupt Tesla. Musk feared that VantagePoint would oust him as CEO, recapitalize Tesla, and emerge as the major owner of the carmaker."From other sources it seems that VantagePoint may have owned less than 10% of the company. I am surprised that a minority shareholder could legally have the power to block an additional funding round; couldn't the other shareholders have brought it to a vote and overrule VantagePoint? Was the reason this wasn't done just the lack of time, or could VantagePoint really have had some procedural right to block this?