Tesla board independence row provokes sarcastic Elon Musk tweetComments
Tesla’s Chief Executive Elon Musk has hit back at several big investors who are concerned about the amount of control he has over the electric car maker.
They have called for two new independent directors without ties to Musk to be added to the board.
Defiantly he tweeted they should buy Ford shares, adding sarcastically: “Their governance is amazing…” .. a reference to the fact that the Ford family controls that carmaker.
Reuters</a> This investor group should buy Ford stock. Their governance is amazing ...</p>— Elon Musk (elonmusk) April 12, 2017
Musk added more independent directors are due to be appointed but that has nothing to do with the investors’ demand.
Currently six of the seven directors are linked to Musk either personally or professionally – one being his brother, Kimbal.
The spat comes as Tesla. rushes to launch its mass-market Model 3 car later this year.
It is being closely watched to see if it can reach extremely ambitious production target of building 500,000 of those cars per year in 2018.
Earlier this week the total value of Tesla’s shares overtook those of General Motors, having earlier done the same with Ford.
There's madness in Tesla's market cap, but also some method https://t.co/JpMFzm4mBfpic.twitter.com/1CRuYwoYNl— Bloomberg Gadfly (@Bfly) April 7, 2017