Tesla 2023 shareholder meeting: Musk predicts economy will pick up after 12 months
Among other things, shareholders voted to add Redwood Materials CEO JB Straubel, previously CTO of Tesla, to the company's board as an independent director.
Musk also said that he expects a challenging economic environment to persist for the next twelve months, and that many companies will go bankrupt. But after that, he believes, the economy will recover and Tesla will be well-positioned. Cobalt is a critical ingredient for production of batteries that go into Tesla's electric cars and backup battery packs used at homes and for utility-scale energy projects. "Even for the small amount of cobalt that we do us, we will make sure six weeks til Sunday that no child labor is being exploited," Musk said to the cheers of investors in attendance in person.
Since the electric vehicle maker's last annual meeting in August 2022, Tesla's largest retail shareholder, Leo Koguan, has criticized Musk for selling billions of dollars worth of his Tesla holdings to finance a $44 billion buyout of Twitter, the social media company.called for the company's board , the former head of advertising at NBC Universal. Musk plans to stay on at Twitter in the role of CTO.with his new role as Twitter CEO to perform optimally at the helm of Tesla. They have also criticized the Tesla board, led by chairwoman Robyn Denholm, for failing to rein him in and protect shareholders' interests.
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