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Tesla Investor Group Say Distracted Musk Is Hurting EV Maker
- Coalition of 17 shareholders asks board to rein in Musk
- Tesla shares fell 9.7% on Thursday after earnings report
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A group of Tesla Inc. investors has accused the company of mismanagement and is seeking a meeting with its board to discuss the performance of Chief Executive Officer Elon Musk.
The 17 shareholders, who hold more than $1.5 billion of Tesla stock, said Musk is distracted by his commitments to other companies and must be reined in, according to an open letter they sent to Chairwoman Robyn Denholm and Director Ira Ehrenpreis on Friday. They want the board to come up with a plan to do so and seek to remove directors too closely tied to the CEO.