Tesla Shareholders Demand Musk Work 40 Hours Weekly Amid Company Crisis

Pension fund shareholders managing long-term investments in Tesla have sent a letter to the company's board, demanding that CEO Elon Musk be required to work at least 40 hours per week at Tesla. The shareholders cited the company's current "crisis" as a reason for their demand, stating that Musk's reduced involvement in the company's operations has contributed to the situation. The shareholders also expressed concern over the lack of a clear succession plan for the electric vehicle business and the absence of a compensation plan for the management team.

The shareholders' letter comes at a time when Musk has been increasingly focused on his other ventures, including the social media platform X and artificial intelligence projects. Musk has previously stated that he works "seven days a week, 24 hours a day," and that he must remain highly focused on his various projects. However, the shareholders argue that Musk's attention should be primarily directed towards Tesla, given the company's current challenges.

The shareholders' demands include a requirement for Musk to work at least 40 hours per week at Tesla, as well as the implementation of a clear succession plan for the electric vehicle business and a compensation plan for the management team. The shareholders have stated that they will only support any new compensation plan for Musk if these conditions are met. The shareholders' letter has sparked debate among Tesla investors and industry analysts, with some arguing that Musk's involvement in the company is crucial to its success, while others believe that the company should focus on developing a strong management team to ensure its long-term sustainability.

The shareholders' letter was signed by a group of institutional investors, including the SOC Investment Group, the American Federation of Teachers, New York City Comptroller Brad Lander, and Oregon State Treasurer Elizabeth Steiner. These investors collectively hold approximately 7.9 million shares of Tesla stock. The letter was sent to Tesla's board of directors, with a copy to CEO Elon Musk.

The shareholders' demands come at a critical time for Tesla, as the company faces a number of challenges, including declining sales and a damaged global reputation. The shareholders argue that Musk's reduced involvement in the company's operations has contributed to these challenges, and that a more focused approach is needed to address them. The shareholders also expressed concern over the lack of a clear succession plan for the electric vehicle business and the absence of a compensation plan for the management team.

The shareholders' letter has sparked debate among Tesla investors and industry analysts, with some arguing that Musk's involvement in the company is crucial to its success, while others believe that the company should focus on developing a strong management team to ensure its long-term sustainability. The shareholders' demands come at a time when Musk has been increasingly focused on his other ventures, including the social media platform X and artificial intelligence projects. Musk has previously stated that he works "seven days a week, 24 hours a day," and that he must remain highly focused on his various projects. However, the shareholders argue that Musk's attention should be primarily directed towards Tesla, given the company's current challenges.

The shareholders' letter has also raised questions about the role of the board of directors in overseeing the company's operations and ensuring that it is acting in the best interests of all shareholders. The shareholders argue that the board has failed to take sufficient action to address the company's current challenges, and that a more proactive approach is needed to ensure its long-term success. The shareholders' demands come at a time when Tesla is facing a number of challenges, including declining sales and a damaged global reputation. The shareholders argue that Musk's reduced involvement in the company's operations has contributed to these challenges, and that a more focused approach is needed to address them.

The shareholders' letter has also raised questions about the role of the board of directors in overseeing the company's operations and ensuring that it is acting in the best interests of all shareholders. The shareholders argue that the board has failed to take sufficient action to address the company's current challenges, and that a more proactive approach is needed to ensure its long-term success. The shareholders' demands come at a time when Tesla is facing a number of challenges, including declining sales and a damaged global reputation. The shareholders argue that Musk's reduced involvement in the company's operations has contributed to these challenges, and that a more focused approach is needed to address them.

The shareholders' letter has also raised questions about the role of the board of directors in overseeing the company's operations and ensuring that it is acting in the best interests of all shareholders. The shareholders argue that the board has failed to take sufficient action to address the company's current challenges, and that a more proactive approach is needed to ensure its long-term success. The shareholders' demands come at a time when Tesla is facing a number of challenges, including declining sales and a damaged global reputation. The shareholders argue that Musk's reduced involvement in the company's operations has contributed to these challenges, and that a more focused approach is needed to address them.