Concerns have arisen amongst Tesla shareholders regarding the recent conduct of CEO Elon Musk on his social media platform and other media outlets. Calls for action have intensified, with some investors urging for a temporary removal of Musk from his leadership role at the innovative electric vehicle company, Tesla.
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Notable investors are taking a stand against what they perceive as harmful rhetoric from the CEO. Jerry Braakman, CIO of First American Trust, a holder of 16,000 Tesla shares, emphasized that, “There is no excuse for the spreading of hatred.” Others in the technology sector have echoed this sentiment, with substantial companies like Apple suspending advertising on Musk's platform due to similar concerns.
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Despite the uproar, few Tesla investors seem inclined to divest. Tesla's market performance gained strength with a 10% rise in shares, although it experience a minor dip following the incident.
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Mastering Location Settings: A Simple Guide to Changing Your iPhone's GPS PositionKristin Hull, CEO of Nia Impact Capital, voiced dismay at the support for antisemitism by Musk and stressed the need for decisive action by Tesla's board. Options such as censure or suspension have been proposed. Ross Gerber, CEO of Gerber Kawasaki Wealth & Investment Management, described the situation as “absolutely outrageous,” revealing his plans to transition from Tesla to competitor Rivian in the near future.
Rising Tensions at a Sensitive Time
White House officials didn't remain silent, publicly disavowing Musk for propagating "antisemitic and racist hate." This comes at a time when the Jewish community is still reeling from significant attacks. The reactions highlight Musk's growing list of detractors since his takeover of the prominent social media network. With a significant loss of advertisers, the platform's future hangs in the balance, and now Tesla might also feel the repercussions.
While the tech leader has yet to respond officially to these allegations, the call for Musk to address and rectify the situation grows louder.
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