[metalliqaz]

But this "conversion" was apparently not the focus of the suit, according to OP. Perhaps it occurred after they initiated legal proceedings?

[granzymes]

Correct, Musk based his claims on the 2023 Microsoft deal.

The 2025 recapitalization was discussed at trial, but it was ancillary since all that changed was the existing for-profit changed from a capped-profit with weird cash flow mechanics to a traditional public benefit corp with ordinary equity.