Overview

• Institutional shareholders representing about 7.9 million shares wrote to board chair Robyn Denholm seeking a binding 40-hour weekly commitment from Musk
• The letter also calls for a clear CEO succession plan and the appointment of an independent director to bolster governance
• Tesla reported a 71% drop in first-quarter profits, European sales nearly halved in April and its stock has slid roughly 44% since December
• Investors fault Musk’s political activities, including his role in the Department of Government Efficiency and public endorsements, for damaging Tesla’s brand
• Musk has announced plans to scale back his duties at the Department of Government Efficiency to refocus on Tesla operations