File Photo: Elon Musk | Photo credit: Reuters
The treasurers of eight US states have written an open letter to the Board of Directors of Tesla Inc interrogation of the company’s director and the level of attention that Elon Musk is paying to his growing challenges.
The overvalued of funds and investments for California, Illinois and Half Banks Other states cite the Flacuras of Tesla, the disappointing deliveries of the first quarter and the increase of shops by vehicle owners for being among their causes of concern.
“Meanwhile, CEO Elon Musk continues to divide its attention into multiple companies and a high profile advice within the federal government,” the treasurers wrote. “These external commitments raise serious questions about whether Tesla’s leadership is totally committed to addressing the company’s central challenges.”
The letter put together in coordination with the US defense group for the growth responsible for the greatest pressure on Tesla and Musk before the company releases the results of the first quarter earnings after the closing of Tesday.
The actions of the car manufacturer have a more than 50 percent lunch from a historical maximum achieved in mid -December, when investors initially saw Musk’s proximity to the then elected president Donald Trump as positive. The role that the CEO of Tesla has played in the advice that the administration has introduced caused a global reaction against Musk and its most valuable company.
Malia Cohen de California, Michael Frerichs of Illinois and the other six treasurers warn that if Tesla continues to hesitate, “it extends through regional economies” and shall shake public confidence in the energy transition.
Althehugh Musk moved Austin’s headquarters from Silicon Valley in 2021, California still houses several of the company’s manufacturing and engineering facilities. Several of the states whose treasurers signed the letter, including Washington, Massachusetts, Colorado and Connecticut, have adopted California standards aimed at increasing sales of electric vehicles.
In the letter addressed to Robyn Denholm, the president of Tesla, the treasurers ask the Board to clarify how it guarantees that Musk and her leadership team “dedicate the right time and approach to solve recent performance problems.” State officials also produced directors of Tesla on their approach to executive compensation and how they plan to restore investors.
“The role of the Board is especially critical now, to provide strong supervision, defend the fiduciary standards and ensure that the company’s leadership is aligned with the best long -term interests of the company,” the treasurers wrote. “Public officials like us do not take the step to raise these groups lightly, except when obvious risks demand it.”
More stories like this are notable on Bloomberg.com
Posted on April 23, 2025
