Tesla Investors Urge Elon Musk to Quit Twitter CEO, Why?
Elon Musk has recently been aggressively selling his stake in the autonomous vehicle company Tesla. Most recently, Musk sold 22 million shares worth around 3.6 billion US dollars (around Rp. 56.1 trillion). Elon Musk's attention to Twitter and selling his shares in Tesla seems to have annoyed Tesla investors. The reason is, they feel left out by Musk because the billionaire United States (US) is more focused on Twitter.
Investors believe that what Musk is doing with Tesla shares will be bad for the electric car company's business. Therefore, investors are reportedly urging Elon Musk to step down from the chair of the Twitter CEO.
One of Tesla's main investors, Le KoGuan, considers that Musk has fully focused on Twitter, rather than being an engineer. For that, he asked Musk to find someone else to replace him.
"Elon has changed completely, from a brilliant engineer to a political king. Based on these assumptions, Elon must find a replacement approved by independent members of the Board of Directors (Twitter). Twitter's Board of Directors must form an independent search committee to find a new CEO," KoGuan told Electrek , as summarized by KompasTekno, Tuesday (21/12/2022).
Despite investor pressure, Elon Musk uploaded the poll on his personal Twitter account on December 19. Through the poll, Musk asked whether he should step down as Twitter boss or not. Monitoring KompasTekno, Monday (20/12/2022), 17.5 million more votes were collected in the poll. As a result, 57.5 percent of respondents agreed that Elon Musk stepped down from the number one seat on Twitter. While 42.5 percent said they did not agree.
Elon Musk himself stated that he would comply with the poll results. If this statement is truly credible, then Musk should step down from the Twitter CEO chair, according to the poll results, in which more than half of the respondents agree that Elon Musk will step down. It is not yet known who the figure or candidate will replace Musk if he does step down. But Musk mentioned Lex Fridman, an AI engineer and podcaster, by name when discussing a possible change in leadership of Twitter.
Since Elon Musk officially bought and led Twitter, many controversial things have happened. On Elon Musk's first day in office at Twitter headquarters alone, several Twitter executives including Chief Executive Officer Parag Agrawal were fired from the company.
Another controversial thing is bringing back some accounts that Twitter has long suspended, such as Donald Trump's account, under the pretext of free speech.
Not to mention the practice of suspending the accounts of a number of journalists who cover Elon Musk and are considered to have the potential to endanger the Musk family. Unfortunately a number of decisions that do not make Twitter more loved by users. Some users even plan to move to other social media platforms after Twitter suspended the journalists' accounts.
Sell 22 shares of Tesla
Elon Musk again sold his shares for a larger amount than the last sale. According to reports, Musk sold his 22 million shares in Tesla for an estimated $3.6 billion or equivalent to Rp.56.1 trillion. According to the filing documents with the US Securities and Exchange Commission (SEC), the sale transaction was carried out by Elon Musk earlier this week. However, it is not yet known what reason Musk returned to sell his shares in Tesla.
According to financial research firm Refinitiv, Musk is still Tesla's largest shareholder even though he is selling his shares again. Musk's total percentage of shares in Tesla is now around 13.4 percent. As for the total sale of Tesla shares by Elon Musk over the past year, it has been nearly US$40 billion (Rp. 624 trillion).
The reason is, last month Musk also sold 19.5 million Tesla shares worth around 3.95 billion US dollars (Rp 61.6 trillion). This transaction was noted to have been carried out several days after Musk bought Twitter.
Elon Musk himself agreed to buy Twitter for 44 billion US dollars. Since announcing the acquisition intention, Elon Musk has continued to sell shares in Tesla. When he officially bought Twitter, Musk told employees that he was selling Tesla shares to save Twitter's business.