The 3rd largest individual stakeholder in Tesla is Indonesian billionaire KoGuan Leo. He has charged Tesla CEO Elon Musk with purposefully driving down the value of the company’s stock. According to him, Musk sold shares in Tesla worth up to $40 billion in just 15 months. He did this to benefit from tax advantages and prospective new stock options. On Friday, Tesla temporarily traded at its lowest point since August 2020.
For a number of years, Wall Street has been enthralled, excited, and perplexed by the stock’s rapid growth in value. However, that meteor exploded in 2022. The shares of the electric vehicle manufacturer declined by 65% in 2022. After receiving poor sales results, the corporation began the new year by taking another dive, falling 12% in a single day.
That’s not only detrimental to investors. It’s also unfortunate for Tesla CEO Elon Musk, who lost his title as the wealthiest man in the world despite having a large portion of his income linked to the automaker.
Tesla increased deliveries by 40% and reached new sales records. The business continues to rule the U.S. market for electric vehicles, which is expanding quickly as the globe works to cut back on the carbon emissions that is contributing to climate change.
Rising doubts about the capacity of Musk to handle Twitter and other companies
Earlier, KoGuan Leo, an Indonesian billionaire and Tesla’s third-largest individual shareholder, demanded that CEO Elon Musk should resign. Leo accuses the eccentric billionaire of placing too much emphasis on Twitter. The social media platform that Musk recently paid over $44 billion.
Leo continued by asserting that the Tesla Board of Directors had a duty to seek a successor. The billionaire advocated giving Musk the freedom to choose his own successor under the watchful eye of the board.
Earlier, Elon Musk responded to criticism levelled by one of Tesla Inc.’s outspoken supporters amid rising doubts about the CEO’s capacity to run Twitter Inc. and his other companies.
The billionaire posted a tweet making fun of Ross Gerber, CEO of Gerber Kawasaki Wealth Management after the longtime investor complained on Twitter about what he perceived to be a lack of leadership at the electric vehicle manufacturer and said it’s “time for a shakeup.” The billionaire has seen his wealth decline in line with Tesla’s market capitalization. That was a departure from the times when Musk was acclaimed for his leadership abilities. He turned Tesla into the early leader in the worldwide EV market, and the company’s stock was rocket higher.