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Xiaodi Hou, the co-founder and former CEO of self-driving truck startup TuSimple, is demanding immediate liquidation of the company and the return of all remaining funds to shareholders. Hou is also suing TuSimple and his former co-founder Mo Chen to confirm a voting agreement granting Chen control over TuSimple expired in 2024, reverting voting rights back to Hou.
**Campaign for Liquidation**
Hou has launched SaveTuSimple.com to raise awareness about his campaign, citing the potential for shareholders to realize a significant premium through liquidation. The ongoing dispute stems from TuSimple’s attempts to transfer assets to China, leading to accusations of diversion towards other businesses linked to Chen.
**Legal Battles and Shareholder Disputes**
Hou’s legal actions include a lawsuit in Delaware Chancery Court to postpone TuSimple’s upcoming annual shareholder meeting. With major shareholders like Traton Group, BlackRock, and Vanguard involved, Hou aims to gather support to regain control over his shares and influence the company’s future direction.
**Hou’s Voting Agreement**
A previous agreement between Hou and Chen over voting rights has led to a complex legal battle, with conflicting claims over control of shares and voting power. The dispute highlights internal struggles within TuSimple and the potential impact on corporate governance.
The upcoming legal proceedings will determine the outcome of Hou’s efforts to challenge TuSimple’s leadership and governance structure.
