Overview

• Investors controlling about 7.9 million shares want Musk’s pay tied to a 40-hour weekly commitment at Tesla.
• Tesla’s European deliveries plunged nearly 50% in April year-on-year, extending broader sales declines that have contributed to a 12% drop in its stock this year.
• Investors blame Musk’s political endorsements, including support for Donald Trump and Germany’s far-right AfD, for contributing to Tesla’s brand value falling to 95th in the Axios Harris Poll.
• The letter calls on the board to require a clear CEO succession plan and to appoint at least one independent director with no ties to Musk or current members.
• Musk’s 130-day leadership of the Department of Government Efficiency concluded this week as investors continue to argue his political commitments have undermined Tesla’s performance.