Musk to Retire As Tesla Chairman Role

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Elon Musk, the Tesla billionaire, has said that he plans to retire from his position as the chairman at the electric car manufacturer in approximately three years time, having only stepped down from the position several weeks earlier.

Tweeting in the aftermath of his conversation with the 60 Minutes of CBS, Musk stated: “Chairman is an honorific, not executive role, which means it’s not needed to run Tesla. Will retire that title in three years.”

Musk is the former chairman of Tesla. He appeared to say in the interview that he had handpicked Robyn Denholm, his successor. He noted: “I am the largest shareholder in the company. I can just call for a shareholder vote and get anything done that I want.”

Musk also runs other businesses such as Space X, a rocket firm. He later claimed that his sentence had been cut short while in editing. A full transcript that was provided by the CBS clarified his full statement to have stated: “So essentially I could just call for a shareholder vote and get anything done that I want, provided I could get [the] support of at least 1/3 of the other shareholders.”

Musk was urged to step down as the chairman of Tesla last month as part of a settlement deal with the securities watchdog of the United States, after the regulator took issue with an effort to take the firm private last August.

In a now-infamous tweet that was posted on the 7th of August, the entrepreneur said that he had “funding secured” to take the company private at $420 per share. His Twitter causing massive share price swings and two months of controversy. He later dropped the buyout plans, and alongside Tesla, he paid $20 million (£16 million) in fines.

He was also banned from serving as the chairman of a public form for three years, however, he allowed to continue on as the chief executive officer of Tesla. The own bylaws of Tesla stating that should a chairperson not be appointed, the chief executive would assume all responsibilities as long as they have the board’s permission.

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