Elizabeth Warren Calls on SEC to Investigate Tesla for Corporate Governance Issues

Seekingalpha2023-07-17

Senator Elizabeth Warren sent a letter to the SEC on Monday asking for an investigation into Tesla and its disclosures regarding the actions of the board in managing the apparent conflicts of CEO Elon...

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Comments

Louis K Jia Heng
2023-07-17
Louis K Jia Heng
To be fair for investors this is right and long term issue
Greg2021
2023-07-17
Greg2021
Holy crap
Sirvegas
2023-07-17
Sirvegas
Pocahontas likes to stir shit

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The letter claimed Musk’s actions since purchasing Twitter and becoming its CEO have raised concerns about conflicts of interest, misappropriation of corporate assets, and other negative impacts for Tesla (TSLA) shareholders.\"Despite recent and repeated calls from investors to address these actions, the Board appears to have failed to uphold its legal duty to ensure that Mr. Musk act in the best interest of Tesla. The Board also does not appear to have adequately disclosed concerns about these issues to investors, undermining shareholders’ ability to make informed voting and investing decisions and to hold their fiduciaries accountable. The Board’s inaction and inadequate disclosures, and the close relationships of several Board members to Mr. Musk, raise questions about the effectiveness of their corporate governance and potential violations of securities laws.\"Warren also said the hiring of Linda Yaccarino as the new CEO of Twitter does little to address the concerns to Tesla (TSLA) and its shareholders related to his dual role. On the flip side, Wall Street analysts were vocal early in saying the Twitter purchase by Elon Musk was a negative distraction for Tesla, but have viewed the development more favorably since the hiring of Yaccarino.Shares of Tesla (TSLA) moved up 2.25% in morning trading on Monday following the announcement of the company's first Cybertruck rolling off the assembly line in Austin, Texas.Tesla earnings preview: Tesla (TSLA) will report earnings for the second quarter on July 19. Analysts are expecting revenue to grow 47% year-over-year to $24.7B and EPS to come in at $0.81. 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