BlackRock votes to remove Elon Musk as board chairman of Tesla

BlackRock who controls almost 6.5 million of Tesla’s 170 million shares and is one of Tesla’s top stockholders, voted for Musk to be replaced with an independent board chairman.

And while, the vote was objected to by Tesla, and was defeated by a large vote this does raise questions about shareholder confidence in Musk.

The CEO and chairman, Musk, has come under scrutiny recently due to spending at Tesla, and over Tweet’s made about taking the company private.

A BlackRock spokesperson commented on the vote decision:

“BlackRock’s approach to investment stewardship is driven by our fiduciary duties to our clients, the asset owners.  Our approach to engaging with companies and proxy voting activities is consistent with our commitment to drive long term shareholder value for our clients.”