TuSimple co-founder demands liquidation, sues company for control of his shares

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TuSimple co-founder demands liquidation, sues company for control of his shares - TechCrunch

Quick Summary:

On November 9, Hou signed an agreement with Chen that would give the latter “irrevocable proxy and power of attorney” over Hou’s shares in TuSimple: Around 13.4 million shares of Class A common stock, and 12 million shares of Class B common stock.

Earlier this month, Hou urged a California district court to issue a temporary restraining order on TuSimple to stop the company from transferring U.S.assets to China as part of an existing shareholder lawsuit.

After shareholders raised concerns of self-dealing in an August letter to the board, TuSimple surprised many by unveiling a new AI-generated animation and gaming unit.