2023-04-22 18:34:59
A group of progressive Tesla shareholders are concerned that the company’s CEO, Elon Musk, is being distracted by his role at other companies, like Twitter and SpaceX.
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In a letter sent to the board, the group – made up of Amalgamated Bank, a union-owned bank, along with Sisters of St. Joseph of Carondelet, United Church Funds, Investor Advocates for Social Justice and the Comptroller’s Office New York City – criticized Mr. Musk for not focusing enough on the challenges that Tesla must overcome in particular due to the increase in competition in the field of electric cars.
“We each initially added Tesla to our portfolios because we saw Tesla as a true leader in producing products and services essential to our transition to a sustainable and green economy. Over time, however, we have become increasingly concerned with corporate governance and leadership issues,” reads the letter obtained by CNN Business.
This group alone owns just under 1% of Tesla shares while Elon Musk has nearly 20%.
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