Tesla CEO Elon Musk has rebuffed a shareholder attempt to overhaul the electric car maker's board and strip him of his role as chairman, despite worries about the company's shaky finances and inability to meet its production goals for its first mass-market sedan.
Directors Antonio Gracias, James Murdoch and Elon's brother, Kimbal Musk, won by "a wide margin," according to Tesla.
The company said a "supermajority" of shareholders also rejected a proposal to force Musk to step down as Tesla's chairman, a position he has held since 2004 — four years before he also assumed the CEO job.
Elon Musk holds a 22 percent stake in Tesla, increasing the degree of difficulty for shareholders trying to challenge his authority.
After the results were announced, he sought to reassure shareholders attending the meeting and others watching on a webcast.
After conceding that "staying alive" is difficult in the auto industry, Musk told shareholders that Tesla will be "cash flow positive" during the second half of this year.
If Musk is correct, the prediction will translate into Tesla bringing in more cash than it's spending in both the third and fourth quarters. »