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Tesla’s third largest shareholder is calling for the removal of Elon Musk as CEO




Tesla’s third largest shareholder is calling for the removal of Elon Musk as CEO
Tesla needs a full-time CEO. Scott Olson/Getty Images

KoGuan Leo, an Indonesian billionaire and the third-largest individual shareholder in Tesla, is calling on the electric carmaker’s CEO, Elon Musk, to step down as much of his attention has been focused on Twitter lately.

“Elon left Tesla and Tesla has no acting CEO,” Leo tweeted on December 14 “Tesla needs and deserves a full-time working CEO.”

Leo suggested that Tesla’s board appoint a professional leader, someone similar to Apple CEO Tim Cook, as Musk’s replacement.

“Tesla is 19 years old, ranked 4th with a 2.4 percent allocation in the S&P,” he said in another tweet. “Elon was the proud father, Tesla has grown up. It needs an executioner, Tim Cook-like, not Elon.”

KoGuan Leo
KoGuan Leo Desiree Navarro/WireImage

Leo owned about 22.6 million Tesla shares, worth $3.4 billion, and 1.23 million stock options as of August, making him the third-largest individual shareholder in the company behind Musk and Oracle founder Larry Ellison, according to Bloomberg .

Leo is the chairman and co-founder of SHI International Corp., an enterprise software company. He is the world’s 398th richest person with a net worth of $5.8 billion on Bloomberg’s Billionaires Index.

Leo told Forbes in October 2021 that he is “Elon’s fanboy”. Tesla stock was trading at record highs at the time. Since then, it has plunged more than 60 percent.

Tesla's third largest shareholder is calling for the removal of Elon Musk as CEO





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