Overview

• A coalition holding roughly 7.9 million shares sent a letter to board chair Robyn Denholm demanding Elon Musk work at least 40 hours per week at Tesla.
• Signatories including the SOC Investment Group and pension funds called for a clear CEO succession plan and limits on directors’ outside commitments.
• Investors cited a nearly 50 percent plunge in April European deliveries, a 12 percent year-to-date stock decline and a drop in brand value from eighth to 95th.
• The letter requests the addition of at least one truly independent director to strengthen board oversight and governance.
• Musk’s 130-day stint at the Department of Government Efficiency officially ended this week as he pledged to refocus on Tesla and his other ventures.