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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

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Visitors inspect Tesla electric cars at Brussels Motor Show, Belgium, Jan. 18, 2019. VOA

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.

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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)

Next Story

EV Maker Tesla Unveils Its First Model 3 Made-In-China

Tesla unveils made-in-China Model 3 with media test drives

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Electric Vehicle (EV) maker Tesla has unveiled its first Model 3 made-in-China at Gigafactory 3 in Shanghai. Wikimedia Commons

Electric Vehicle (EV) maker Tesla has unveiled its first Model 3 made-in-China at Gigafactory 3 in Shanghai and started to give media test drives of the vehicle.

Tesla has been expected to focus on Model 3 production at its Shanghai automotive factory, where it mulls producing as many as 3,000 vehicles per week next year, Teslarati reported recently.

The Shanghai Gigafactory is Tesla’s first assembly plant outside of the US and the first wholly-owned foreign auto factory in China.

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Tesla has been expected to focus on Model 3 production at its Shanghai automotive factory. Pixabay

Last month, the automaker confirmed that it has produced full vehicles at Gigafactory Shanghai as part of its trial production.

“We are already producing full vehicles on a trial basis, from body, to paint and to general assembly, at Gigafactory Shanghai. We have cleared initial milestones toward our manufacturing license and are working toward finalizing the license and meeting other governmental requirements before we begin ramping production and delivery of vehicles from Shanghai,” the company said.

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Additionally, the company’s CEO Elon Musk has recently announced that he will unveil Tesla electric pickup truck dubbed as ‘Cybertruck’ on November 21 at an event in Los Angeles. (IANS)