HomeUS NewsMajor Shareholder Turns on Elon Musk, Demands New CEO

Major Shareholder Turns on Elon Musk, Demands New CEO

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The Twitter tempest is rocking the boat at Tesla, prompting at least one stakeholder to advocate for a change in the electric vehicle manufacturer’s leadership.

Twitter is owned by Elon Musk, who is also the CEO of Tesla and SpaceX. In recent weeks, his activity at Twitter has eclipsed his other two companies, prompting some Tesla shareholders to express concern that his controversial Twitter actions are diminishing the value of the company.

Musk announced this week that he sold more than $3.5 billion worth of Tesla stock on Wednesday night, contributing to a 16.1 percent decrease in Twitter’s value, as reported by MarketWatch. The share price reached $150.05, which is close to a level not seen since November 2020.

Musk has sold $39.3 billion worth of Tesla shares over thirteen months. The acquisition of Twitter cost Musk $44 billion.

What has shareholders furious is that Tesla appears to have become Musk’s side project while he focuses on Twitter.

The third-largest individual Tesla shareholder, Leo KoGuan, stated on Twitter that Tesla need a steady hand at the helm, which does not characterize Musk.

Ross Gerber, an investor in Tesla, stated that the moment has come for change.

“We’re in literally the best part of the company’s history and it’s being totally demolished by Twitter. I think the stock would rally big-time if they just said, ‘Elon’s not CEO of Tesla anymore.’ Now I don’t want that. What I want is him back in Austin,” Gerber told The Washington Post.

Gary Black, managing partner of Future Fund LLC, an investor in Tesla, stated that Tesla and Twitter must be separated.

“He will realize soon (if not already) that his polarizing political views are hurting customer perceptions of [Tesla] EVs,” he tweeted. “Customers don’t want their cars to be controversial. They want to be proud as hell to drive them — not embarrassed.” He expressed hope Musk could “focus on [Tesla] as CEO.”

More on this story via The Western Journal:

Wedbush analyst Daniel Ives is also concerned about what’s taking shape, according to Ameritrade.

“Musk continues to throw gasoline in the burning fire around the Tesla story by selling more stock and creating Tesla brand deterioration through his actions on Twitter,” he wrote. CONTINUE READING…

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