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Tesla Board Bombshell: Four Directors To Quit By Next Year’s Annual General Meeting

Summary:
It's not just executives leaving Tesla in droves. Now, it's the board members too. No sooner did the news break that Elon Musk and the SEC needed extra time to renegotiate their contempt settlement, than another absolute bombshell has just dropped: four - yes, count them - four members of Tesla's board are expected to be going ...

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It's not just executives leaving Tesla in droves. Now, it's the board members too.

No sooner did the news break that Elon Musk and the SEC needed extra time to renegotiate their contempt settlement, than another absolute bombshell has just dropped: four - yes, count them - four members of Tesla's board are expected to be going the way of CFO Deepak Ahuja and leaving the company by next year's annual general meeting.

The company's proxy was filed during the Good Friday holiday, in which the market is closed, at about 6PM EST.

Tesla Board Bombshell: Four Directors To Quit By Next Year's Annual General Meeting

It reads:

"...on April 18, each of Brad Buss, Antonio Gracias, Stephen Jurvetson, and Linda Johnson Rice agreed collectively with the Board and its Nominating and Corporate Governance Committee that each of them will not stand for re-election to the Board"

Notably absent from the departures are puppet Board Chair Robyn Denholm and Larry Ellison. 

Tesla Board Bombshell: Four Directors To Quit By Next Year's Annual General Meeting

Meanwhile, now-departing board member Antonio Gracias has been a topic of discussion in the Tesla-sphere in 2019 for other reasons: notably, he has been selling a ton of stock. Most recently, he filed a perplexing Form 144 sale

Tesla Board Bombshell: Four Directors To Quit By Next Year's Annual General Meeting
Chart source: @evdefender

In fact, this was the joke on Twitter just days ago. Now, it looks like it may have been dead-on:

It has been one thing to comment about significant employee turnover at the company, which we have done at length. It is another to hear that four members of the company's board have now planned dates for making their exit. Though we are sure the company may position this as revamping the board for legitimacy purposes, we can’t help but think that the rats could be finally fleeing the ship.

 

Tyler Durden
Tyler Durden (a pseudonym) represents the idea that a return to truly efficient markets is a possibility and a necessity. After having experienced the inner workings of capitalism at various asset managers and advisors, Tyler believes that the current model is flawed and a deleveraging at every level of modern society is needed to reinspire the fundamental entrepreneurial spirit. Visit his blog: ZeroHedge (http://www.zerohedge.com/)

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