Comment on Tesla Board Opened Search for a CEO to Succeed Elon Musk
adarza@lemmy.ca 5 days agohe’s a minority owner, don’t think he himself even holds a majority of voting shares outright–there’s some bullshit and shenanigans going on that gives him the ‘control’. iirc, it requires near-90% approval of all non-musk held voting shares to make ‘major’ changes like ousting a board member or ceo. that’s why he’s still ‘in charge’
thanksforallthefish@literature.cafe 5 days ago
No, you’re thinking of News Corp and Murdoch’s shenanigans.
Tesla has a standard structure. He doesn’t own a majority of shares, but he does own a significatn percentage and investors aligned with him combined have enough for him not to be at any significant risk.
The directors however have a fiduciary duty to act in the interests of all shareholders, so going through the motions of considering a replacement ticks that box.