Elon Musk May Be Forced To Give Up CEO Of Tesla
While never far from controversy, 2018 proved to be a very difficult (and busy) year for Elon Musk. While he was probably more involved in his Space X project, he did come under significant fire for his ‘joke’ surrounding taking Tesla private.
It was a joke that ultimately landed him a pretty substantial fine and a requirement to step down as the company chairman for 3 years.
Demoted To What?
Well, the term ‘chief ideologue’ seems to be getting thrown around. Albeit, I have absolutely no idea what it means. It sounds (to me) to basically imply that he would have some kind of ‘figurehead’ role rather than any actual power or control.
Investors Are Unhappy
In a report via Barrons, a senior investor has indicated that many members of the Tesla board are getting a bit tired of his antics. As such, there may be a move underway to remove him as the company CEO.
Additionally, and rather stingingly, he also indicated that he ‘doesn’t Need to Be CEO’ at all.
It would, in fairness, be a harder case to make if the company was doing well. Ultimately, however, Tesla is still finding it difficult to make a profit!
Could They Remove Him?
It is certainly an interesting question. It is, of course, entirely possible in business to own a company without actually having any significant control over it. Particularly when you are a public company on the stock market.
If enough board members were to rally, they could potentially create a situation where Elon Musk was removed from any executive role. A move already started by the SEC. Could they remove him from the CEO position though? – Not without a fight!
What do you think? – Let us know in the comments!
