Tesla shareholders are afraid of Elon Musk

Some investors say that Elon Musk is not focused enough on Tesla’s affairs.

A group of Tesla shareholders wants the company’s board of directors to do just that Elon Musk CEO to focus more on running the electric car maker, according to reports CNN.

In a letter to the board of directors, the group claims Musk is not devoting enough time and attention to the problems facing the company, including growing competition.

According to shareholders, Musk is not interested in such important issues as allegations of bad ergonomics at Tesla. In addition to Tesla, Musk also leads Twitter, SpaceX, The Boring Company, and Neuralink.

Karina Johansen/NTB/AFP

The stakeholder group is increasingly concerned about Tesla’s management problems. Among the signatories to the letter were the union-owned bank and the women’s congregation of the Catholic Church Sisters of St. Joseph of Carondelet. The insurance investors own $1.5 billion worth of stock, far less than the 1 percent stake in Tesla. By comparison, Musk owns roughly $118 billion in stock.

According to the group, Musk does not pay enough attention to the company, which leads to problems. “Tesla needs a board of directors that will ensure that the CEO is focused on meeting challenges,” the letter said. Affected investors write that they have lost faith in the board members.

Evan Frischberg, head of sustainability at Amalgamated Bank, says other investors are also worried about the situation. He stressed that the group does not support Musk’s dismissal.

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