At Tesla's Upcoming Shareholder Meeting, Elon Musk May Be Voted OUT — Say What?

I think it's safe to say that most people who are into the Tesla brand are BIG fans of its CEO, Elon Musk. After all, it's been his vision and pitch that has consistently been able to jump start the company and keep the momentum moving.

Hell, Tesla can't even get the product into customers' hands but people are still super bullish on the company.

But that doesn't mean that all shareholders are happy. According to reports, at this June's shareholder meeting there will be a proposal for Musk to be ousted as the company's CEO.

Is this the SMARTEST or STUPIDEST idea for Tesla? What say you, Spies?

Tesla’s shareholder’s meeting generally starts with the official items, which this year includes voting to reelecting 3 board members, ratifying Tesla’s independent registered public accounting firm, and voting on two shareholder proposals.

After that, Musk generally comes on stage for a quick presentation and then he answers questions from shareholders.

But this year, one of the shareholder proposals is to remove Musk from his role as chairman, which he has held since 2004 at Tesla – virtually since the company’s inception.

An owner of 12 Tesla shares named Mr. Jing Zhao from Concord, CA put the proposal together. He is a well-known shareholder activist who has previously pushed other proposals at companies, like Apple and IBM.

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PUGPROUD - 4/28/2018 9:59:59 AM

+5 Boost

A sign that his big money backers have lost their patience with Musk and want to take company in a new direction. A back to basics approach concentrating on getting Model 3 out and cutting costs and all non-essential programs and overhead would be likely way to go or prepare business for sale. The big boys in the industry are coming for Tesla and its in poor financial shape to defend its position. Musk is a genius but not the type that can effectively run a capital intensive business in a highly competitive market.

Vette71 - 4/28/2018 10:10:32 AM

+1 Boost

Someone with 12 shares isn't a big money backer. The big money folks made their bet and will play through not wanting to rock the boat when the company is at a crucial point. This proposal will be voted down. A year from now if the Model 3 goals haven't been met then something like this might have a chance, but by then the Board on it's own, or the bankruptcy court, will have pushed him out.

TomM - 4/28/2018 10:19:06 AM

+2 Boost

THe problem remains - does Musk own enough of Tesla along with his allies to prevent such a situation

One must remember that - especially with Tesla - large blocks of stock are owned by Mutual Funds - Government agencies - and Trusts that generally DO NOT VOTE in elections. That plus people who simply do not vote in ANY stockholder election - add up. IT is hard for a company to get a 70% vote of shares - for a merger or acquisition - much less for just a regular board vote. So - pushing out a person who likely can get 35% of the VOTED stock votes - makes it hard to push out a Musk type.

ColMosby - 4/28/2018 10:58:45 AM

+4 Boost

Musk a genius? Get real - take a look at hyperloop, the absolute dumbest idea
for mass transit ever conceived. SO wrong on so many levels, one wonders whether a third grader came up wth this concept. A dull-witted third grader. Ditto for SpaceX and its multiple failures - even the last rocket shot missed its target, something the braindead media did not understand. Or how about Musk bailing himself out of Solar City by using shareholder money to pay himself and his relatives for their worthless stock?

vdiv - 4/28/2018 11:05:48 AM

+1 Boost

You have to consider the possibility that Musk himself will leave Tesla at some point to concentrate on his more rewarding engagements. The question is when is that point. The board wants to keep him, offered him a very generous incentive, and so do most of the fanbois who are also shareholders (me included).

qwertyfla1 - 4/28/2018 3:27:24 PM

-1 Boost

Musk is a pioneer. Most pioneers died with arrows in their back as the second and third wave claimed the spoils of the bounty.

Tesla opened the door but the usual auto conglomerates whom actually know how to produce shit will take and dominate this niche and eat Tesla lunch.

MDarringer - 4/28/2018 8:15:16 PM

+1 Boost

Finding a buyer for Tesla would be a smart move. Selling the shooting match before it implodes would be smart.

absent - 4/29/2018 8:26:57 AM

+1 Boost

Tesla will go down with Musk at the helm.
Without Musk it will just happen sooner.

skytop - 4/29/2018 7:32:59 PM

+3 Boost

Tesla has a $1.4 billion note payment due later this year. They do not have the fund to cover the debt. Only smoke and mirror flim flam man Elon Musk can hopefully raise the cash to cover the debt.

t_bone - 4/29/2018 10:15:43 PM

-1 Boost

If he's got this many people hating him, he's obviously done something right.

Vette71 - 4/30/2018 9:31:54 AM

-1 Boost

Musk has done all the classic first mover things and proved there is a market segment for electric vehicles. So he gets credit for that. But like many first movers he is struggling to "cross the chasm" to get from the early adopter market to the main stream segment where big growth and big profits occur. Some of the big experienced companies are now awake, know that it is safe, and are moving to capture that growth and profit. That is a classic business scenario that historically occurred repeatedly. Anyone remember Dumont TVs, Bendix washing machines, Commodore PCs, Blackberry smart phones, etc. ?

LexSucks - 5/1/2018 2:45:11 PM

+2 Boost

Why do people worship this guy?