Illustration: Greg Ruben / Axios; Photo: Noah Berger / AP

Facebook on Friday said in a regulatory filing that it will no longer issue a new class of non-voting stock that had become the focus of a lawsuit that would have required Mark Zuckerberg to testify next Tuesday in a Delaware courtroom.

At issue: The new stock would have allowed Zuckerberg to maintain his majority voting rights at Facebook, despite selling existing shares to fund his philanthropic efforts. But the plan sparked a class action lawsuit, and was on hold pending an outcome.

Why it matters: Tuesday would have been only the second time that Zuckerberg testified in open court. And it would have come at a particularly fraught time, as he handles allegations that the Facebook platform was used by Russian operatives during the election.

Bottom line: Facebook blinked.

Going forward: Zuckerberg posted on Facebook shortly after the announcement, saying that the move will not affect the scope of his philanthropic intentions. He wrote, in part:

Over the past year and a half, Facebook's business has performed well and the value of our stock has grown to the point that I can fully fund our philanthropy and retain voting control of Facebook for 20 years or more. As a result, I've asked our board to withdraw the proposal to reclassify our stock -- and the board has agreed. I want to be clear: this doesn't change Priscilla and my plans to give away 99% of our Facebook shares during our lives. In fact, we now plan to accelerate our work and sell more of those shares sooner. I anticipate selling 35-75 million Facebook shares in the next 18 months to fund our work in education, science, and advocacy.

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Trump's new TikTok threat

Photo illustration: Aïda Amer/Axios. Photo: Jim Watson/AFP via Getty Images

President Trump said twice Monday that the U.S. Treasury would need to get a portion of the sale price of TikTok, as a condition of regulatory approval.

Why it matters: This is akin to extortion — the sort of thing you'd expect to hear on a wiretap, not from the White House in front of reporters.

Ford names James Farley as new CEO amid ongoing turnaround effort

James Hackett, left, is retiring as Ford CEO. Jim Farley, right, takes over Oct. 1. Photo: Ford

Ford announced Tuesday that James Farley will take over as its next CEO, replacing James Hackett, 65, who is retiring after three years in the job.

Why it matters: It leaves Farley to complete the company's ongoing turnaround effort. The transition will be that much harder as the industry tries to navigate the coronavirus-induced economic slowdown which shuttered Ford plants for two months on the eve of some of its most important vehicle launches.

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Watch the full "Axios on HBO" interview with President Trump

In this episode of “Axios on HBO”, President Trump discusses his handling of the coronavirus pandemic, the upcoming election and much more with National Political Correspondent Jonathan Swan.

The interview was filmed on Tuesday, July 28 and aired Monday, Aug. 3 on HBO.