Does Elon Musk Still Want to Be the CEO of Tesla?
Elon Musk has said on several occasions lately — on Twitter, from a courtroom stand, on Twitter again, then back at the same court — that he doesn't want to be a CEO.
He said so before and after he became the chief executive of a fifth company, which appears to have been one too many, at least for Tesla shareholders to stomach. Since April 4, the day Musk disclosed that he'd taken a stake in Twitter, the car and clean-energy company that accounts for a third of his net worth has lost about $749 billion of market value.
Taking a Twitter poll on whether he should step down as head of Twitter — and a decisive vote that found yes, he should — hasn't stopped Tesla's hammering. Overpaying for the social media company using tens of billions of his Tesla shares has proven disastrous. It hasn't helped that Musk has oscillated from arguing that Twitter is doing better under his leadership, to describing it as in the fast lane toward bankruptcy, or that he's repeatedly assured his followers that he was done selling Tesla stock, only to then dump more again and again.
When will Tesla's shareholders or board of directors conclude that enough is enough? Some are already there.
“As his fanboy, I invested [because] of Elon,” Leo KoGuan, one of Tesla's biggest individual shareholders, tweeted last week. “Of course, I prefer Elon to be CEO but he abandoned Tesla.”
There's been no indication Tesla directors feel the same. Several members of the board, including his brother Kimbal, have stood by Musk through it all: the regrettable SolarCity acquisition, the April Fools' Day tweeting about Tesla going bankrupt, the calling a critic a pedophile.
After Musk made the false and reckless claim he had the funding to take Tesla private, the Securities
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