Tesla CEO Musk rebuffs shareholder rebellion

FAN Editor

Tesla CEO Elon Musk has rebuffed a shareholder attempt to overhaul the electric car maker’s board and strip him of his role as chairman, despite worries about the company’s shaky finances and inability to meet its production goals for its first mass-market sedan.

All three directors seeking to remain on Tesla’s nine-member board were re-elected during the company’s annual meeting held Tuesday as most shareholders opposed a rebellion seeking to remove them.

Tesla says directors Antonio Gracias, James Murdoch and Elon’s brother, Kimbal Musk, won by “a wide margin.”

The company says a “supermajority” of shareholders also rejected a proposal to force Musk to step down as Tesla’s chairman, a position he has held since 2004.

The precise voting totals will be disclosed within the next few days.

© 2018 CBS Interactive Inc. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.

Free America Network Articles

Leave a Reply

Next Post

Fans react to Trump canceling Eagles event at White House

Last Updated Jun 5, 2018 7:00 PM EDT PHILADELPHIA — A so-called “Celebration of America” was held after the White House canceled the Philadelphia Eagles’ celebration when fewer than 10 players planned on attending. “We love our country, we respect our flag, and we always proudly stand for the national […]

You May Like