Investors Demand Musk's Full-Time Commitment to Tesla

Published 12 hours agoTSLA

Investors Demand Musk's Full-Time Commitment to Tesla

A coalition of 12 major pension funds, managing assets worth about $950 billion, is calling on Elon Musk to dedicate at least 40 hours a week to Tesla. In a letter addressed to Tesla Chair Robyn Denholm, these investors, which include the New York City Comptroller and Denmark’s AkademikerPension, pinpointed a governance crisis linked to Musk's split focus between numerous ventures and political activities, according to a report from ft.com.

The investors are urging for governance reforms, advocating for Musk’s full-time commitment to Tesla, which they believe is essential for steady leadership. Proposed changes include establishing a clear CEO succession strategy and adding an independent member to the board. Concerns about the company's leadership have been exacerbated by a 17% decline in Tesla's stock price since its December high, a drop partially attributed to Musk’s public political engagements associated with the Trump administration.

In response to the increasing pressure, Musk has vowed to prioritize Tesla and curtail his political pursuits. Shareholders are also pushing for more rigorous fiduciary oversight to safeguard the company's stability and future success, highlighting the intense scrutiny Musk's leadership has come under.

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