Tesla caps lien on Musk stock JB Straubel returns to the board

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Tesla’s board of directors has decided to change its stock pledging policy ahead of its May 16 shareholder meeting. A cap of $3.5 billion (or 25% of the stock’s value) has been placed on the loans that CEO Elon Musk can offer as collateral with his stake. In a proxy statement filed Thursday, the automaker set out a policy that departs from previous documents. In the previous proxy statement…