Elon Musk Receives Blessing of 75% of Tesla Investors to Keep His Seat on Tesla’s Board of Directors
On May 16, 2023, Tesla held its annual shareholders meeting in Austin, Texas. During the meeting, CEO Elon Musk took to the stage to address shareholders. In his hour-long presentation, even though Musk did not make any new major announcements, the Tesla CEO still shared several exciting tidbits about Tesla’s future plans.
The new tidbits covered all aspects of Tesla’s business including some new information regarding the Cybertruck, FSD beta, energy products, advertisement strategy, and everything in between.
All the updates on Tesla’s various products were certainly exciting; however, the biggest news we learned from the annual shareholders meeting might be Musk’s announcement regarding Tesla’s upcoming vehicles.
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Musk revealed at the event that Tesla’s upcoming two new vehicles, the robotaxi and van/bus, will have an annual sales volume of 5 million units.
Musk’s presentation was the fun part of the event, however, the shareholders meeting also included some housekeeping formal issues such as voting for Tesla’s board of directors, voting on shareholders’ proposals, approving Tesla’s audit firm, and so on.
The vote for Tesla’s Board of Directors included for Tesla Chairwoman Robin Denholm to maintain her seat on the board and her position as Chairwoman; for CEO Elon Musk to maintain his seat on the board; and for previous Tesla CTO JB Straubel to return to Tesla as a board member.
Straubel is a Tesla cofounder and left his role as Chief Technology Officer at the company in 2019 to start his own battery recycling firm Reedwood Materials. Tesla announced at the shareholder meeting that Straubel has been elected by Tesla investors to replace Hiromichi Mizuno, an independent director, and former investor in Japan's pension fund on Tesla’s board.
And today thanks to Tesla officially filing the company’s 8K form with the SEC, we have some updates on how the remaining shareholders' votes went.
Both Robyn Denholm and Elon Musk have retained their seat on Tesla’s board and we also have the exact percentage of Tesla Investors who voted for JB Straubel to rejoin Tesla’s board of directors.
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67% of Tesla investors voted for JB to return to Tesla, 11% voted against this proposal and 22% of Tesla investors did not cast a vote at all. Of the investors who participated in the vote, JB received 86% support to return to Tesla and 14% of investors voted against this proposal.
58% of Tesla investors voted for Robyn Denholm to remain as chairwoman with 20% voting against and the remaining 22% not casting a vote. And of the investors who participated in the vote, 74% voted for Denholm to remain as Tesla’s Chairwoman, 24% against, and the remaining 1% abstained.
Finally, the big one, Elon Musk’s fate on Tesla’s board was also on the ballot. Musk received the blessing of 75% of Tesla investors to maintain his seat on the board, 4% voted against this proposal and the remaining 22% did not cast a vote.
Given Musk’s integral role in growing Tesla to where it is and for the EV maker’s continued success, only 75% support for Musk to maintain his seat on Tesla’s Board might seem low, however, when we take the percentage of the investor who participated in the vote, Musk received an overwhelming 95% yes vote with only 5% of Tesla shareholders voting for Musk to be removed from the board.
This result suggests, despite Musk’s acquisition of Twitter and emergence as a political figure, the Tesla CEO still remains the overwhelming favorite by Tesla investors to lead the EV maker.
Currently, with all the votes at Tesla’s shareholders meeting going according to the board’s recommendation, there will not be any major changes to the leadership of the EV maker. However, we’ll be sure to keep you posted if things change in the future.
Until then, make sure to visit our site torquenews.com/Tesla regularly for the latest updates.
So what do you think? Are you happy to see Elon Musk receiving the support of 95% of Tesla investors? Also, are you satisfied with the fact that Tesla’s leadership will not see any major shakeup this year? Let me know your thoughts in the comments below.
Image: Courtesy of Tesla
For more information check out: Elon Musk Is Aware of Aptera: Why Tesla Won't Make Their Own Fuel-Efficient Vehicle
Tinsae Aregay has been following Tesla and The evolution of the EV space on a daily basis for several years. He covers everything about Tesla from the cars to Elon Musk, the energy business, and autonomy. Follow Tinsae on Twitter at @TinsaeAregay for daily Tesla news.