Singapore-based Tesla Investor Wants Musk Out

Tesla’s shares are at their lowest level in years, with the company’s shares dropping nearly 70 percent this year over falling demand for electric vehicles, Ashley Tham reported for Singapore’s Channel News Asia (CNA).

Photo Insert: Leo KoGuan, Tesla’s third-largest individual shareholder, publicly called on Musk to step down on Dec 14 in a tweet.

Leo KoGuan, Tesla’s third-largest individual shareholder, publicly called on Musk to step down on Dec 14 in a tweet. The Indonesian-born billionaire, now based in Singapore, owns around 22.7 million shares of Tesla, which were worth around US$3.57 billion as of September.

He bet big on Tesla and Musk in the early days of the COVID-19 pandemic. Calling himself a “fanboy” of the mercurial Twitter CEO, he tweeted last year: “I am investing billions into Tesla because I believe in Elon’s great mission that I share.”

In an interview with Bloomberg last year, Leo, who is the co-founder of software company SHI International Corp, which had a revenue of more than US$12 billion in 2021, said: “I’m all in. Any money I have I spend on Tesla.”

Tesla’s share price has since dropped nearly 70 per cent from their record closing high of over US$400 a share in November 2021. Earlier this month, Musk sold about 22 million more shares of Tesla, worth about US$3.6 billion, according to media reports, to fund his Twitter purchase.

Tesla's plunge has left buy-and-hold investors frustrated, with Leo tweeting Musk has “abandoned Tesla” and that the company has “no working CEO.”

In a tweet on Monday, Leo also wrote: “I was his fanboy, no more,” while he has retweeted other investors calling for a vote against Musk and the board "for not doing their fiduciary duty."

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