Tesla investor looking to rein in Elon Musk drops his bid for a board seat, saying the EV maker's shareholders 'have been heard'
to treat its customers better and start looking for potential successors for CEO Elon Musk has ended his campaign for a seat on the EV maker's board.earlier in February, saying it was time for Tesla to"grow up". At the same time, he has repeatedly underlined he wanted to rein Musk in rather than boot him out as CEO.
"After careful consideration, I've decided to withdraw my nomination for the Tesla board of directors," the CEO of investment firm Gerber Kawasaki said on"Looking forward to what Tesla has to show us next week," he added, referring to the tech giant's investor day on March 1. The carmaker's shares suffered a record plunge in 2022 that wiped out nearly $700 billion in market capitalization. The selloff came as investors fretted about rising interest rates and Musk being distracted by his controversial revamp of Twitter – although the company's stock priceUsually, activist investors like Gerber try to take board seats in a bid to revive a company's share price by pushing out significant numbers of top executives.
"I'm not here to create problems, and I love the team at Tesla," he told Insider in an interview that took place a week before he ended his campaign."But Elon is focused on another area of his life right now, and I care about Tesla's success."Gerber made improving Tesla's succession planning, communication, and customer service the three key goals of his board seat bid.. Tesla has about 3.16 billion shares outstanding, according to Yahoo Finance.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Elon Musk accuses Ralph Nader of 'lying' in tweet about Tesla fundingInsider tells the global tech, finance, markets, media, healthcare, and strategy stories you want to know.
Read more »
How Elon Musk ruined Tesla, let other car companies catch up on EVsInsider tells the global tech, finance, markets, media, healthcare, and strategy stories you want to know.
Read more »
Elon Musk Makes New Move on Twitter, Dogecoin (DOGE) Founder Fails to Catch Up.elonmusk says he has unblocked everyone on Twitter, except scammers. Snowden's wife remains blocked on Twitter. BillyM2k
Read more »
The history of Elon Musk's feud with President Joe BidenElon Musk has called Biden a 'damp sock puppet' and feuded with the president for months, but Biden shared some rare praise for the billionaire earlier this month
Read more »
Elon Musk Reveals Crypto Hater Charlie Munger's Big MistakeDogecoin $DOGE ambassador Elon Musk reveals crypto critic Charlie Munger's missed opportunity elonmusk musk charliemunger munger buffet dogecoin doge warrenbuffet buffet
Read more »
Elon Musk’s Twitter conducts yet another round of layoffs, firing dozens: reportTwitter fired at least 50 more employees on Saturday in yet another round of layoffs since billionaire Elon Musk took over the company and began cutting costs in October.
Read more »