Tesla investors demand Musk work 40-hour week at EV maker as 'crisis' builds [View all]
MAY 28 20255:53 PM EDT
Elon Musk needs to spend more time at Tesla as his electric vehicle company faces a “crisis,” according to a letter on Wednesday from a group of pension fund leaders who manage investments in the company.
“Tesla’s stock price volatility, declining sales, as well as disconcerting reports regarding the company’s human rights practices, and a plummeting global reputation are cause for serious concern,” the investors wrote in a letter to Robyn Denholm, the company’s board chair. “Moreover, many issues are linked to Mr. Musk’s actions outside of his role as Technoking and Chief Executive Officer at Tesla, including his high-profile role as an architect of the U.S. Department of Government Efficiency (DOGE).”
The investors want the Tesla board to require Musk to work a minimum of 40 hours per week at the automaker as a condition of any new compensation plan they may arrange for him. They also want a clear succession plan for management of the EV business, and a policy that would apply to all Tesla directors limiting their outside board commitments at public and private companies.
Early last year, the Delaware Court of Chancery ordered Tesla to rescind Musk’s 2018 CEO pay package, which had been worth around $56 billion, finding that Musk controlled the company, and the board’s compensation committee misled shareholders before seeking their vote to approve the plan
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https://www.cnbc.com/2025/05/28/tesla-investors-demand-musk-work-40-hour-week-at-ev-maker-amid-crisis.html
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