According to information obtained by CNBC, Twitter and Tesla CEO Elon Musk enlisted the help of executives and high-ranking employees across his companies to help with his new platform.
While the extent of their involvement is not clear, the report included names of directors, managers and executives from Space-X, Tesla and Boring Company.
While the CEO is no stranger to controversy, shareholders were largely willing to forgive him his oddities so long as the stock market played in his favor. However, Musk has faced growing criticism from investors over the year, largely in response to his $44 billion purchase of social media platform Twitter in October, a move which coincided with a 25% drop in Tesla’s stock. Chief among their concerns is the worry that the entrepreneur is too divided among his many projects to be an effective manager.
|
One shareholder took Tesla to court over Musk’s compensation, which the plaintiff alleged was overpriced and detrimental to investors. During the case, lawyers asked the CEO about using non-Twitter employees of publicly traded companies for the social media platform. He described their involvement as “voluntary” and explained their participation only lasted for a short time. The judge has yet to issue a ruling in the case.
Setting aside its leadership, many questions still remain about the future of Tesla. The automaker, which once dominated EV sales, has seen its market share decrease from 79% in 2020 to 65% at the end of 2022. In November, S&P Global predicted this will shrink to a mere 20% as soon as 2025, a result of increased competition from larger automakers, who seek to undercut Tesla price tags with more economic and efficient models.
Did you enjoy this article? Please share your thoughts, comments, or questions regarding this topic by connecting with us at newsroom@cbtnews.com.
Be sure to follow us on Facebook, LinkedIn, and TikTok to stay up to date.
While you’re here, don’t forget to subscribe to our email newsletter for all the latest auto industry news from CBT News.