Shareholders accuse Musk of mismanaging Tesla

A group of Tesla Inc. investors has accused the company of mismanagement and is seeking a meeting with its board to discuss the performance of Chief Executive Officer Elon Musk, Report informs referring to Bloomberg.

The 17 shareholders, who hold more than $1.5 billion of Tesla stock, said Musk is distracted by his commitments to other companies and must be reined in, according to an open letter they sent to Chairwoman Robyn Denholm and Director Ira Ehrenpreis.

They want the board to come up with a plan to do so and seek to remove directors too closely tied to the CEO.

“It is unprecedented to be a CEO and also be running two other companies at the same time,” said Courtney Wicks, executive director of Investor Advocates for Social Justice, which represents several faith-based investors. “I can’t imagine any other board allowing a CEO to have as many outside business activities.”