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Comment on Tesla shares plunge 15%, suffering steepest drop in five years

partial_accumen@lemmy.world ⁨4⁩ ⁨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.

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brucethemoose@lemmy.world ⁨4⁩ ⁨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.

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- partial_accumen@lemmy.world ⁨4⁩ ⁨weeks⁩ ago
  
  Just how much of shareholders’ support of Musk grassroots, though? I imagine large institutions wouldn’t care if he’s out as CEO or not, as long as it’s financially optimal.
  
  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.
  
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