Investors Want Musk Kicked Out As Tesla CEO

Leo KoGuan is founder and chairman of $12.3 billion IT provider SHI International, which his ex-wife Thai Lee, also a billionaire, runs as CEO, Forbes and Bloomberg News reported.

Photo Insert: One of Musk's famous quotes of late was his pledge not to sell Tesla shares to fund his Twitter purchase.

Schooled in Columbia University, He used to be a big fan of Elon Musk, for which reason he bought up Tesla shares, eventually becoming the third biggest stockholder in the electric car maker.

Yet, the lawyer, who also holds a Singaporean passport, has lost his appetite for Musk and is now openly calling for the hugely erratic egomaniac billionaire to quit as Tesla CEO as Koguan’s holdings dive by 45.6% and Musk’s selloffs of his shares push the stock down in the pits.

Koguan wants a Tim Cook-line executive to take over the company, Mashable, Forbes and HuffPost also reported. Investors are furious with Musk, who had overpaid Twitter by as much as $20 billion. They want Musk to buy back Tesla shares to boost the stock’s value and deny investors any Tesla equity in the future.

Reporting for Forbes, David Meyer said Tesla investors are getting antsy about Musk and the rest of the board being “missing in action.” The share price has almost halved this year.

Demand in China is softening. In the US, Tesla’s share of the growing electric vehicle market is falling; it was 79% in 2020, 65% in the third quarter of this year, and S&P reckons it will be less than 20% by 2025. But Musk is very much preoccupied with Twitter.

Writing for CBS Marketwatch, Aimee Picchi reported early on Dec. 16 that “perhaps most galling for Tesla investors is that Musk himself has sold almost $40 billion of his own stake in the company in the last year, according to a report from Wedbush Securities — belying his bullish pronouncements about the automaker's prospects. With Musk selling billions in Tesla shares and investors questioning his focus, the car company's stock has shed more than $700 billion in value.”

On Wednesday, Musk filed a regulatory document indicating he had sold an additional 22 million shares of Tesla for about $3.6 billion — a move decried by investors, who retweeted Musk's pledge in April not to sell Tesla shares. Indeed, some prominent investors are now seeing dark clouds instead of rainbows.

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