A group of Tesla 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.
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.
While governance complaints are nothing new for Tesla, they only add to the list of challenges facing the EV maker. Earlier this week, the company reported lackluster first-quarter earnings after aggressive price cuts it undertook to fend off competitors squeezed profits. Musk said he plans to slash prices further, even if it hurts margins, sending the stock plunging more than 10 per cent on Thursday.
“It is unprecedented to be a CEO and also be running two other companies at the same time,” said Courtney Wicks, executive director of Investor Advocates for Social Justice, which represents several faith-based investors. “I can't imagine any other board allowing a CEO to have as many outside business activities.”
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