the board is made up of cronies, like is brother.
This is why you don’t hire yes-men.
Comment on Tesla shares plunge 15%, suffering steepest drop in five years
brucethemoose@lemmy.world 5 weeks ago
A board doing its job would fire Musk as CEO.
He’s still have his shares, but clearly he is not benefitting the company right now.
FuglyDuck@lemmy.world 5 weeks ago
partial_accumen@lemmy.world 5 weeks ago
They have the power to fire musk as CEO and they are choosing not to. They risk being sued by shareholders for breaching their fiduciary responsibility.
brucethemoose@lemmy.world 5 weeks ago
It is their fiduciary duty to fire him, but I get what you mean and agree I guess.
Just how much of shareholders’ support of Musk grassroots, though? I imagine large institutions wouldn’t care if he’s gone or not, as long as it’s financially optimal.
partial_accumen@lemmy.world 5 weeks ago
Sure, but Musk isn’t financially optimal for Tesla, and the board has a duty to protect the shareholders. Firing Musk would be doing their jobs of protecting the company from the fallout of Musk’s actions.
Also, Tesla shareholders have sued the board, and won, already once.