Elon Musk was re-elected as Chairman of Tesla in the annual shareholders meeting held in California. Three other directors; Antonio Gracias, a private equity investor; James Murdoch, CEO of 21st Century Fox and Kimbal Musk, Elon’s brother, were also re-elected as members of the board.
Last month, CtW Investment group in a letter filed with SEC opposed the re-election of these three board members and another investor called for relieving Musk from the position of Chairman.
Tesla failed to hit its Model 3 production deadline of 5,000 cars a week in December 2017 which has resulted the company not being able earn profit on the car. Tesla’s stocks are currently trading at $291.13 which fell 25 percent from an all-time high of $389.61 in September.
Musk described the last few months as excruciating and hellish for him. "We've made a lot of mistakes with Model 3 production. But we recognise those mistakes and we're confident we know how to address them," he added.
In an earnings call last month, Musk’s reply to an analyst’s question was “Next. Boring, bonehead questions are not cool.” Musk has also suggested building a media credibility rating site in the wake of criticism of his company.
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