In a statement released June 10, Tesla announced that Larry Ellison, a board member and close friend of Elon Musk’s CEO, was stepping down. “In June 2022, Lawrence J. Ellison, Class III Director, decided collectively with the Nominations and Corporate Governance Committee and the Board of Directors that he would not be running for re-election to the Board at the end of his current tenure at the 2022 Annual General Meeting. “, Said Tesla in the deposit. “The board currently expects to reduce the number of board seats to seven at the end of Mr Ellison’s term at the 2022 Annual General Meeting, and therefore no votes or proxies may be submitted for the election of more than two seats. of the Board of Directors “. Larry Ellison (Photo: Tesla) In December 2018, Ellison not only invested $ 1 billion in Tesla shares, but was also elected to the Board of Directors. Even before investing $ 1 billion in Tesla in 2018, Ellison was very good friends with Musk. Ellison was still one of Musk’s supporters on the Twitter market, with $ 1 billion. Ellison has no other public relations or affiliation with other automakers. The connection with Musk has definitely proved to be successful for Ellison, as since his investment in Tesla, the value of his holdings has increased by over 400%. According to the deposit, Ellison owns 15,290,975 shares, equivalent to a 1.5% stake in the automotive industry. It is unknown at this time what he will do after leaving the post. However, the company highly appreciates his position and CV, stating: “We believe that Mr. Ellison has specific characteristics that enable him to serve on the Board of Directors, including his long-term leadership in one of the most successful technology companies in the world and his experience in technology product development and strategy.” Ellison will step down as board members Kimbal Musk, Hiro Mizuno, James Murdoch, Robyn Denholm, Ira Ehrenerpis and Kathleen Wilson-Thompson. Tesla also announced that it will split the stock 3: 1 in the deposit. Disclosure: William Johnson is not a shareholder in TSLA. What do you think of the article? Do you have any comments, questions or concerns? Send me an email at [email protected] You can also contact me on Twitter @WilliamWritin. If you have tips for news, email us at [email protected]! Tesla board member Larry Ellison will resign
