Tesla (TSLA) shareholders are exhibiting overwhelming help for Elon Musk in a reelection vote regardless of the current controversies after shopping for Twitter.
Many Tesla shareholders have been sad with Musk since he acquired Twitter. There have been many various causes for it.
Placing apart all of the political and ideological stuff that he mentioned on Twitter that has pissed off folks, extra concretely, it was that he offered tens of billions value of Tesla’s inventory to purchase the social media platform, contributing to a big decline within the inventory worth.
There was additionally the truth that he had Tesla engineers come work on Twitter, whereas Musk was believed to be spending much less time at Tesla.
Some Tesla buyers had been calling for the board to rein him in, with some going so far as asking for him to not be CEO any longer.
Whereas solely the board can fireplace the CEO, shareholders in the end vote for who’s on the board, and so they had an opportunity to voice their concern with Musk as a result of his seat was up for reelection at this annual shareholder assembly.
We already knew he had been reelected on the assembly – this was by no means actually in danger – however we didn’t know by what number of votes.
In the present day, Tesla launched the official outcomes of the votes, and it was overwhelmingly in Musk’s favor:
Solely 86 million shares had been voted towards Musk’s reelection to the board. He had the strongest help out of the three board members voted upon.
Denholm, the board chairwoman, was challenged essentially the most right here, with virtually half a billion shares voted towards her.
Unsurprisingly, JB Straubel is seeing robust help for his election to the board for the primary time.
Whereas some shareholders are sad with Musk, I feel it’s clear that the overwhelming majority of them nonetheless need him to be as concerned with the corporate as attainable.
I feel a powerful variety of them won’t be against the thought of him ultimately stepping down as CEO for somebody, let’s say, extra secure and have him keep in a visionary position.
However for now, I’d argue that he’s nonetheless extra optimistic than adverse for Tesla general.
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