Tesla (TSLA) shareholders are showing overwhelming support for Elon Musk in the reelection vote, despite recent controversies after buying Twitter.
Many Tesla shareholders are unhappy with Musk ever since he took to Twitter. There were many different reasons for this.
Putting aside whatever political and ideological things he said on Twitter that angered people, more concretely, it was that he sold tens of billions worth of Tesla shares to buy the social media platform, thereby Significant drop in price. ,
There was also the fact that he called Tesla engineers to work on Twitter, while Musk was believed to be spending less time at Tesla.
Some Tesla investors were calling on the board to rein him in, some asking him to no longer be CEO.
While only the board can fire the CEO, shareholders ultimately vote on who is on the board, and they had a chance to voice their concerns with Musk as his seat was up for re-election at this annual shareholder meeting.
We already knew he was re-elected at the meeting – it was never really at risk – but we didn’t know by how many votes.
Today, Tesla released the official results of the vote, and it was overwhelmingly in favor of Musk:
Only 86 million shares voted against Musk’s re-election to the board. He had the strongest support of the three board members who voted.
Board Chair Denholm faced the biggest challenge here, with nearly half a billion shares voting against her.
Unsurprisingly, JB Straubel is seeing strong support for his election to the board for the first time.
While some shareholders are unhappy with Musk, I think it’s clear that most of them still want him to be involved with the company as much as possible.
I think a strong number of them eventually can’t resist the idea of stepping in as CEO for someone who is, let’s say, more stable and let him stay in a visionary role.
But for now, I’d argue that he’s more of a positive than a negative for Tesla overall.
What do you think? Let us know in the comment section below.
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