Bitmain’s ousted co-founder Mikri Jean has initiated legal action in an effort to reclaim his seat as CEO of the world’s largest cryptocurrency mining hardware manufacturer, Bloomberg writes on Friday..
Ex-CEO of Bitmain asks the court to restore his powers in the company
Jean-controlled Great Simplicity Investment Corporation filed a lawsuit in the Cayman Islands court in December, asking it to overturn a shareholder decision that had caused the ex-CEO to lose his preemptive voting rights within the company. In November, shareholders voted to reduce the number of votes relying on one Class B share of Bitmain from ten to one. As a result, Jean’s influence at Bitmain plummeted.
IN present time The company is led by co-founder Jihan Wu, who also represents it at public events related to increasing sales and attracting new customers. Earlier, he warned Bitmain employees that they should not follow Jean’s orders and attend his meetings. threatened by dismissal or prosecution.
Jean posted a letter on WeChat in November, where he stated that he would regain control of Bitmain through legal means as soon as possible. “If someone wants war, he will get it,” Jean wrote. He owns about 4 million Class B shares, which is almost double the number of shares held by Wu, according to documents issued by the company in preparation for an initial public offering (IPO) in 2018 year. Only two Bitmain co-founders hold this class of shares. Whether their distribution has changed since then is unknown.
Jean and Wu jointly ran the company for a long time until Wu left amid disagreements, and Jean Haichao Wang, who is still at Bitmain, was appointed CEO..
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