Pension fund investors demand Elon Musk work 40-hour week at Tesla

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A group of large pension funds called for Elon Musk to work for at least 40 hours a week in Tesla, and calls for corporate governance reforms to address a “crisis” in the auto industry.

The message sent to the President of Tesla Robyn Denholm was signed on Wednesday by 12 long -term institutional investors including New York City correspondents and the American Union of Teachers, as well as European funds such as Denmark Akademikerpet. Together they run about $ 950 billion in assets.

Musk has clashed with previously active shareholders, but the coordinated efforts by institutional investors to pressure him is unusual and represents an escalation in money efforts to pay the company’s change.

While the signers of the message carry only 0.25 percent of Tesla shares, this step highlights how billionaire billionaire polarization in American policy made some asset managers more explicit in challenging him.

“The current crisis in Tesla is sharply focused on long -term problems in the company emerging from the absence of the CEO, which is amplified by a board of directors, which seems to be largely not interested and unwilling to act in the interest of all Tesla shareholders by demanding a full -time Musk on Tesla.”

To address the fears of the growing shareholders and its decline in its sales, Musk promised to re -focus its efforts on Tesla and expand its role in the administration of President Donald Trump. Tesla’s shares have worn since the Musk Declaration, but still decreased by 17 percent of its peak in December.

Tesla did not immediately respond to a request for comment.

Musk has always criticized active investors who use small classes to use the effect.

A $ 54 billion payment deal was rejected twice by the Dilayer Court of trial after a defiance of the shareholder, which includes about 200 shares. Tesla’s call should be heard later this year.

The Financial Times reported this month that the Tesla Board of Directors formed a committee to consider a new salary package for musk.

The retirement pension box speech said that any new bonus plan for musk must include an obligation to perpetuate at least 40 hours a week to run Tesla.

He added: “Given the leadership roles in four private companies and its institution, the Board of Directors must ensure that Tesla is not treated as one of many competing obligations.”

Musk stated before he needs a new payment package to stay on Tesla amid obligations to other companies including Group X Social Media Group X, Xai AI project, Spacex, Neuralink, and the boring company.

Retired pension funds worked with the SOC Investment Group group, an investment arm at the Strategic Regulatory Center – an alliance of trade unions that have been subjected to a proxy battle against Starbucks earlier this year and became a symbol of the organized labor movement in America.

“I don’t think we know yet whether Tesla needs a new executive.” “The painting should really use this opportunity to return the company to the right track.”

The letter also stated that the Tesla Council must design a succession plan that applies to senior executives of the company, and the appointment of a new manager “really independent … without personal relationships with other members of the Board of Directors.”

“If you are not ready to be the CEO of Tesla anymore, this is good. Just help us to know who is the next CEO,” said Elizabeth Steiner, Oregon’s state treasurer, who signed the letter.

Mousse said last week that he would expand his heavy political spending, and posted on social media that he would make more effort in his commercial empire.

“Return to spend 24/7 at work and sleep in the conference rooms/server/factory. I must focus superior to X/Xai and Tesla … as we have important techniques,” he wrote on X.

Musk helped create the so -called government efficiency (DOGE), which seeks to reduce the trillions of spending from the US budget. But the controversial role sparked a violent reaction against Tesla. Some consumers avoided the brand, and have faced protests in the agents and saboteurs targeting its cars.

“It is clear that the company is in a crisis at the present time … and needs intensive care at the present time,” said Randy Winjutten, President of the American Teachers Federation, an American union representing members who have 4 meters in retirement investments.

In late February, AFT called six big money managers – Blackrock, Vanguard, State Street, T Rowe PRICE, Foundelity and Tiaa – to “review” in the company in the wake of the sharp decline in the price of Tesla.

Tesla contributors to Musk and the Board of Directors supported the re -payment of 2018, last year agreed to transfer the company’s integration to Texas, the least well -known Texas.