Tomorrow a vote will be held at Teslas annual shareholder meeting that may challenge CEO Elon Musk reign over the electric car manufacturer, as well as three of his fellow directors.
Analysts and investors are expecting shareholders to elect three new Tesla directors, as union-affiliated investment adviser CtW Investment Group has said it will be attempting to unseat them due to a supposed lack of qualifications or independence.
The three positions are currently held by investor Antonio Gracias, Twenty-First Century Fox CEO James Murdoch, and Musks brother Kimbal Musk.
Other investors have proposed splitting the chairman and CEO positions, both of which are held by Elon Musk, arguing that the company has grown too large for one person to oversee. Despite investor challenges, however, Musk is expected to stay put.
“Were making a bet on Elon Musk,” said one top-20 Tesla investor who plans to back the directors and vote to keep Musks roles intact, speaking to Reuters earlier today.
The investor compared Musk to Apple founder Steve Jobs, saying: “These people are geniuses. You either believe in him or you dont.”
Tesla itself has been the focus of negative press attention for several months, over issues in production of its Model 3 sedan car, crashes while in autopilot mode, and Musks vocal presence on social media site Twitter.
Earlier today Musk defended his Twitter post that Singapore was not supportive of electronic vehicle ownership, after the city-states biggest newspaper wrote an open letter in response entitled “Please get off your high horse”.
Musk had also recently proposed creating a website to evaluate the credibility and reputation of global news journalists, as he accused the wider media industry of spreading falsified information about himself and Tesla.
If any of the challenges wins a majority of votes, that could undermine confidence in Musk at a time when he is seek to accelerate the Model 3s production. Shares are down around 7 percent year-to-date.