A series of failures in launching electric vehicles and colossal expenses on space payloads have hit Tesla’s finances. Shareholders of the American corporation plan to replace the owner in the upcoming meeting (in June 2018) — the chairman of the board of directors. Elon Musk is criticized by stockholders for hindering his own business.
Jin Zhao, a holder of 12 shares from Concord, plans to speak openly before the meeting. He is the activist who has previously “pushed” owners of companies like Apple and IBM with similar speeches.
Elon Musk Hinders His Own Business
However, Tesla’s board, considering the dissatisfaction of shareholders, is not rushing to find candidates for the CEO position. Officially, the board stated that Elon Musk is the brain of the corporation, setting the business direction and putting dividends into shareholders’ pockets. It is foolish to decapitate the goose that lays the golden eggs — a direct quote from a board member to the media.
Elon Musk refused to comment on media statements and only assured shareholders that profitability would increase in the third and fourth quarters of 2018. However, he did not specify the details.
It is unknown how the saga of removing the brilliant businessman from his position will end. But discussions are already underway on social media about “who will win the fight for the money.” According to American law, shareholders have greater rights, and from a legal perspective, it is not difficult to push Musk out. On the other hand, the innovations in the mind of the brilliant engineer help the corporation earn millions daily.
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