Tesla investors slam Musk, seek replacement

Source: AFP

Amidst falling stock prices, angry Tesla investors slam Elon Musk for "abandoning' the electric car company calling for a 'replacement".

The call for a replacement has been made by KoGuan Leo, Tesla's third-largest individual shareholder with stock worth $3.57 billion in the EV company. 

Musk has been dumping Tesla shares with billions leading to investors questioning his focus, the car company's stock has dropped more than $700 billion in value. 

On Wednesday, Musk filed a regulatory document indicating he had sold an additional 22 million shares of Tesla for about $3.6 billion - a move which has further riled up investors, who retweeted Musk's pledge in April of "[n]o further TSLA sales planned after today".

Tesla shares are down 55 per cent year-on-year and the stock has erased about $225 billion in market value since Musk closed his $44 billion deal to buy Twitter in late October. 

Considering that dip in value has come at a time when the S&P 500 rose more than 3 per cent, investor concerns seem valid. 

Despite the frustration, investors have not given up on the car company. KoGuan Leo plans to invest billions more into Tesla as he's confident the company will remain profitable and is currently undervalued. 

Leo said he'd like to see an operational executive similar to Tim Cook to take over the company.

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