A group of Tesla Inc. investors has accused the company of mismanagement and is seeking a meeting with its board to discuss the performance of Chief Executive Officer Elon Musk.
The 17 shareholders, who hold more than $1.5 billion of Tesla stock, said Musk is distracted by his commitments to other companies and must be reined in, according to an open letter they sent to Chairwoman Robyn Denholm and Director Ira Ehrenpreis Friday. They want the board to come up with a plan to do so and seek to remove directors too closely tied to the CEO.
“There is collective frustration,” said Ivan Frishberg, the chief sustainability officer for Amalgamated Bank, which has 722,070 shares in Tesla across its various funds. “Over the last year, it became quite clear that Tesla suffers from a governance problem.”
