Major Tesla investors had harsh words for their headline-grabbing CEO in a letter made public on Friday, instructing the company’s board of directors to keep the “overcommitted” Elon Musk on a shorter leash. According to the institutional investors, who collectively hold $1.5 billion in Tesla stock, the board needs to do more to address “substantial legal, operational, and reputational risks” that are “jeopardizing [the company’s] long-term value.” Specifically, the investors pointed to alleged worker abuses including discrimination, sexual harassment, wage theft, and union busting, as well as a “broader culture of being ‘above the law’” that has caused the company to run afoul of multiple regulatory agencies. “We want to see the board take their job seriously—we don’t see them doing a good job at being Elon Musk’s boss,” one major investor told CNBC, amid a 15 percent plunge in the company’s value over the last month.
Read it at CNBC
