On May 20, 2024, SOC Investment Group, on behalf of concerned Tesla shareholders, issued a letter urging fellow shareholders to vote against the reelection of directors Kimbal Musk and James Murdoch, as well as against the ratification of CEO Elon Musk's 2018 option award at Tesla's Annual General Meeting scheduled for June 13th. The group highlighted ongoing governance issues, including a lack of independent directors and effective oversight, which they believe have contributed to Tesla's underperformance and declining share price. They also criticized the Board for not ensuring a full-time CEO commitment from Elon Musk, who is involved in multiple other ventures. The letter referenced a Delaware Court of Chancery decision that questioned the Board's independence and the process...Show More

On May 20, 2024, SOC Investment Group, on behalf of concerned Tesla shareholders, issued a letter urging fellow shareholders to vote against the reelection of directors Kimbal Musk and James Murdoch, as well as against the ratification of CEO Elon Musk's 2018 option award at Tesla's Annual General Meeting scheduled for June 13th. The group highlighted ongoing governance issues, including a lack of independent directors and effective oversight, which they believe have contributed to Tesla's underperformance and declining share price. They also criticized the Board for not ensuring a full-time CEO commitment from Elon Musk, who is involved in multiple other ventures. The letter referenced a Delaware Court of Chancery decision that questioned the Board's independence and the process behind Elon Musk's 2018 pay package. The SOC Investment Group expressed concern over Tesla's operational performance, citing a decline in share price, revenue growth, and profitability. They also pointed to reports of poor working conditions and racial discrimination lawsuits as evidence of inadequate human capital management. The letter concluded by calling for shareholder action to address these issues at the upcoming AGM.