Sunday, July 5, 2020
Home Lead Story Top Investor of Tesla Wants Elon Musk to Step Down as CEO

Top Investor of Tesla Wants Elon Musk to Step Down as CEO

Earlier in February, the SEC again held Musk in contempt of court for allegedly violating a previous public disclosure settlement

A top investor in the electric car maker Tesla has stressed that Elon Musk should step down as CEO as his irresponsible tweets can do the company more harm than good.

James Anderson from the UK-based investment management firm Ballie Gifford, which holds a 7.5 per cent stake in Tesla, told a German magazine that he “does not think Elon needs to be CEO”.

“His micro-management also includes the desire to speak to the stock market and the world in ways we do not necessarily consider helpful,” Anderson, who knows Musk personally, told Germany’s Manager magazine on Thursday.

His comments referred to Musk’s fondness for controversial midnight tweets that has already forced him to step down as Tesla Chairman.

Musk reached a settlement with the US Securities and Exchange Commission (SEC) over his controversial Twitter activities in April, agreeing to have more specific oversight on his tweets about the company.

Tesla CEO Elon musk, board
Tesla CEO Elon Musk. (VOA)

According to the settlement, all tweets from Musk about Tesla’s financial health, sales or delivery numbers would have to be pre-approved by a company lawyer.

The SEC sued Musk last year as well for making fraudulent statements after he tweeted in August 2018 that he had “funding secured” to take Tesla private at $420 per share.

Also Read: Google Disables 210 China-backed YouTube Channels

The parties later settled and Musk agreed to step down as Chairman and have the company’s lawyers pre-approve written communications, including tweets with material information about the company.

Earlier in February, the SEC again held Musk in contempt of court for allegedly violating a previous public disclosure settlement. (IANS)

STAY CONNECTED

18,999FansLike
362FollowersFollow
1,779FollowersFollow

Most Popular

62% Americans no Longer View US as a ‘Shining City on The Hill’

A new poll has found that 62 per cent of Americans no longer view the US as a "shining city on the hill" as...

Users Complain of Spam Emails as Gmail Suffers From Filtering Issues

Gmail users around the world were complaining about spam messages flooding their inbox over the weekend as the Google service was apparently suffering from...

Testing of Oropharyngeal Secretions May Reduce False Negative Covid-19 Results

Researchers have demonstrated that testing of oropharyngeal secretions (OS) -- secretions from the part of the throat at the back of the mouth --...

Country of Origin of Products: A Concern For Indians

As the government orders e-commerce players to display the "Country of Origin" of products sold on their platforms, a survey reveals three in ten...

JioMeet, A Make in India App to Compete with Zoom

With Reliance Jio launching a Make in India free video-conferencing application JioMeet that directly takes on Zoom, the US-based company said on Saturday they...

Instagram to Redesign it’s Story Feature

Facebook-owned Instagram is preparing to launch a huge redesign that would make it easier to watch favorite Stories in one place. Follow us on our...

In Conversation with Annu Rizvi

Annu Rizvi is a lyricist and a writer who has worked in several big projects including 'transparency', 'meri saheli’ and many others. He worked...

WhatsApp Launches First Brand Campaign in India

WhatsApp on Saturday launched its first brand campaign in India that narrates real stories about how Indians communicate daily on WhatsApp with their closest...

Recent Comments