*By Jeffrey Marcus*
Tesla's chairman and CEO Elon Musk escaped an attempt by some shareholders Tuesday to strip him of one of his jobs running the electric car company he founded 15 years ago. Musk will remain as chairman after he fended off an effort by an investor group to remove him and oust three board members loyal to him, including Musk's brother Kimbal.
The vote failed by a "super majority," the company said, which is not surprising. Any vote would take two-thirds to pass, and Musk himself reportedly owns one-fifth of the company's shares.
Other developments from the shareholders meeting include:
* Tesla announced plans to build a factory in China, a move that would allow the car company to avoid import tariffs there. The Chinese government recently announced it would allow electric car makers to own factories in China without a domestic partner. Tesla's head of global sales, Robin Ren, said the factory would be in Shanghai, and Musk said the factory would assemble cars and build batteries in the same place, [CNBC reported](https://www.cnbc.com/2018/06/05/tesla-talks-shanghai-factory-at-shareholder-meeting.html).
* With the help of a new third assembly line at the company's California factory, Musk said Tesla will likely be able to produce 5,000 Model 3 vehicles a week by the end of June. The plant is already producing an average of 3,500 week, he said, and the grueling months-long effort to ramp up production has been worth it. "It's been the most excruciating, hellish months I've maybe ever had, but I think we're getting there," Musk said [according to The New York Times](https://www.nytimes.com/2018/06/05/business/tesla-once-a-wall-street-darling-faces-investor-challenge.html).
* Despite fatal crashes involving Tesla's Autopilot feature, the company is pressing ahead, even offering free trials for customers who are not certain they want to spend another $5,000 on a non-existent chauffeur, [Wired magazine](https://www.wired.com/story/elon-musk-tesla-shareholders-meeting/) reported.
* New models are on deck, including the all-wheel drive Model 3, expected to begin limited production later this year; the Model Y, which will go into production in 2020; and the semi truck and the new roadster expected around the same time.
* Musk did not lash out the way he did during Tesla's quarterly earnings call last month, when he antagonized analysts and institutional investors. But it was still an emotional shareholders meeting for Musk, who had his authority challenged and his vision questioned. He got a little choked up, [Reuters reported](https://www.reuters.com/article/us-tesla-shareholders/teslas-musk-says-quite-likely-will-meet-model-3-goal-directors-re-elected-idUSKCN1J12YT). "At Tesla we build our cars with love," Musk said. "At a lot of other companies, they're built by marketing or the finance department and there's no soul. We're not perfect, but we pour our heart and soul into it and we really care."
Watch [video](https://www.tesla.com/shareholdermeeting) of the full shareholders meeting on Tesla's website. For the full interview, [click here](https://cheddar.com/videos/elon-musk-lives-to-fight-another-day-as-chairman-of-tesla).
Low-cost airlines Frontier and Spirit have agreed to merge in a deal worth $6.6 billion. The new company name and other terms of the deal have not been disclosed. If approved, the merger would be the fifth-largest airline in the United States. Jonathan Root, senior vice president at Moody's, joins Closing Bell to discuss the impact this deal could have on the broader airline industry, as well as why it makes sense for both discount airlines to combine.
Jet Tila, Food Network star and author of '101 Thai Dishes You Need to Cook Before You Die,' joins Cheddar News to talk about his new cookbook that's helping people cook authentic Thai recipes.
Crypto is increasingly becoming a hotspot for criminals and fraud with cryptocurrency crime reaching a record-breaking high. reports show scammers took $14 billion worth of crypto in 2021 alone. The latest crypto scam is aimed at investors in Binance. Ben Armstrong, the founder of Bitboy Crypto, joins Cheddar News to discuss.
In 2022, the FAA has received 323 reports of unruly passengers so far. Soon, flying could soon be limited to cooperative passengers only. Delta Airlines has asked the Department of Justice to put unruly travelers on a 'no-fly' list. Bryan Del Monte, president of the Aviation Agency, joins Cheddar News to discuss.
New York City’s tourism industry has seen a bumpy recovery from the pandemic, as the omicron surge delivers yet another blow to one of the world’s top tourist destinations. The arts and entertainment sector has been one of the hardest hit, with Broadway shows canceling performances once again after an industry-wide shutdown. Chris Heywood, executive vice president of global communications at NYC & Company, joined Cheddar's Fast Forward to talk about why he's confident the theater district - and the rest of the city - will eventually return to its pre-pandemic glory.
Greg Martin, Founder and Managing Director at Rainmaker Securities, discusses the benefits of Big Tech bidding for Peloton and highlights the ongoing headwinds impacting the exercise equipment maker.
SES Holdings, a leader in production of high-performance hybrid lithium-metal rechargeable batteries for electric vehicles, has arrived on Wall Street. The company went public via SPAC deal and now trades on the New York Stock Exchange under the ticker 'SES.' Qichao Hu, founder & CEO, joined Cheddar Movers to discuss the debut as well as what lies ahead for the company.
Amazon warehouse workers in Alabama are set to begin voting to unionize for a second time after workers at the facility in the town of Bessemer overwhelmingly voted against forming a union during an election early last year; but in November, the National Labor Relations Board overturned the vote, upholding a union challenge of the results which argued that Amazon undermined the conditions for a fair election. Another round of ballots will now be mailed out to works at the warehouse for a so-called re-run election. Director of Labor and Employment Studies at San Francisco State University John Logan and National Field Director for Our Revolution Mike Oles joined Cheddar News' Closing Bell to discuss.
