Per NYT
Senator Elizabeth Warren Writes to Tesla Board to Ask if Musk's Decision to Buy Twitter Affected Investors
12/19/2022
Senator Elizabeth Warren writes a letter to Tesla's board to ask whether Elon Musk's decision to purchase Twitter has affected investors.
Musk recently released a poll asking whether he should step down as head of Twitter, saying he will abide by the public's decision. The results of the poll showed 57.5% of voters were in favor of him leaving his position.
While Musk has not yet responded to the poll as of press time, the CEO is also receiving pressure on the Tesla side as Sen. Warren wrote a letter to Tesla's board asking about the effects of the billionaire's acquisition of Twitter.
Sen. Warren: “As you know, it is the legal obligation of Tesla’s board to ensure that its C.E.O. is meeting all his legal responsibilities and serving as an effective leader,”
The letter was directed to Tesla's chairwoman, Robyn Denholm, who succeeded Musk as the chair of Tesla in 2018. The price of $TSLA shares during Musk's acquisition was $225.09, as seen on WSJ's market data, but fell to $151.42, down by 32.73% as of press time.
Musk took over 50 Tesla employees, most coming from Autopilot software engineers, which the Twitter CEO said was voluntary. The CEO also argued that there were still 120,000 people at the company, per CNBC.
Musk: “I didn’t really regard this as using Tesla assets, as I had asked just for a voluntary basis, and I did not specify any number of people."
The Twitter CEO also took over a dozen SpaceX employees and at least three top execs from The Boring Company to work on Twitter.
Here are some of the key Tesla employees he took to Twitter:
- Director of Software Engineering Silvio Brugada
- Director of Infrastructure Engineering and Info Security Rajasekar Jegannathan
- Senior Manager of DevOps Michael Outland
- Director of Battery Manufacturing Engineering Andrew Ross
- Chief Information Officer Nagesh Saldi
- Autopilot Project Manager RJ Sekator
Elon Musk's decision to focus on Twitter has also been met with negativity from investors like its third-largest individual shareholder, Leo KoGuan, who spoke firmly about the Tesla CEO's decision.
KoGuan: “Tesla needs and deserves to have working full-time C.E.O.”
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