Major Shareholder Turns on Elon Musk, Demands New CEO

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The storm around Twitter is rocking the boat at Tesla, leading at least one shareholder to call for a change at the top of the electric vehicle manufacturer.

Elon Musk owns Twitter and is the CEO of Tesla and SpaceX. In recent weeks, his work at Twitter has overshadowed the other two ventures, leading some Tesla shareholders to voice concerns that his controversial Twitter moves are tarnishing Tesla’s value.

To make matters worse, Musk disclosed this week that he sold more than $3.5 billion in Tesla stock late Wednesday, helping to trigger a 16.1 percent decline in Twitter’s stock, according to MarketWatch. The share price hit $150.05, nearing a low not seen since November 2020.

Overall, Musk has sold $39.3 billion in Tesla stock over 13 months. Twitter’s purchase cost Musk $44 billion.

What has shareholders livid is that Tesla has appeared to become a side project while Musk makes his mark at Twitter.

Leo KoGuan, who is the third-largest individual Tesla shareholder, wrote on Twitter that Tesla needs a steady hand at the tiller – and that does not describe Musk.

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