As stock drops 61% from its peak, a major Tesla shareholder calls for Elon Musk’s ouster

By | December 17, 2022

Fortune reports:

Tesla investors are starting to wonder if CEO Elon Musk is still the right man to lead the company. With much of Musk’s attention focused on Twitter, which he’s shaking up following his $44 billion takeover in late October, doubts are increasing about his ability to effectively lead the electric-vehicle maker.

It doesn’t help that he’s sold vast quantities of his personal Tesla shares this year as the carmaker’s stock has plunged about 61% from its peak late last year. That includes the sale of $3.6 billion in stock that he disclosed on Wednesday. He tweeted in April, after selling 4.4 million shares for $4 billion, “No further TSLA sales planned after today.”

On Wednesday, Leo Koguan, one of Tesla’s largest individual shareholders, called for a leadership change, tweeting: “Elon abandoned Tesla and Tesla has no working CEO. Tesla needs and deserves to have working full time CEO.”

Leo said someone more focused on the operational side of the company, similar to Tim Cook at Apple, should take over the company. Cook became Apple CEO after the death of co-founder Steve Jobs, who like Musk was strong on the visionary side.

“Elon is a mere hired hands,” Leo added. “He is our employee…Elon was the proud father, Tesla has grown up. An executioner, Tim Cook-like is needed, not Elon.” [Continue reading…]

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