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The third largest Tesla shareholder says Elon Musk should step down as CEO




Indonesian billionaire KoGuan Leo, the third-largest individual shareholder of electric car maker Tesla, is calling for CEO Elon Musk to step down.

Leo accuses the eccentric billionaire of focusing too heavily on Twitter, the social media site that Musk recently bought for over $44 billion.

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Dr. Leo KoGuan attends the 2015 World Science Festival Spring Gala at Frederick P. Rose Hall, Jazz at Lincoln Center on April 30, 2015, in New York City. (Photo by Desiree Navarro/WireImage) (Getty Images)

“Elon left Tesla and Tesla has no acting CEO,” Leo wrote Wednesday on Twitter. “Tesla needs and deserves a full-time working CEO.”

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TSLA TESLA INC. 150.23 -7.44 -4.72%

Leo went on to suggest that Tesla’s board was committed to looking for a replacement. The billionaire proposed that Musk should be given the opportunity to find and name his own successor with independent oversight from the board.

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Tesla

Close-up of the Tesla logo on a charger at a Supercharger battery fast charging station for electric car company Tesla Motors, in the Silicon Valley city of Mountain View, California, on August 24, 2016. (Smith Collection/Gado/Getty Images/Getty Images)

He added, “Elon was the proud father, Tesla has grown up. It takes an executioner, Tim Cook-like, not Elon.”

Leo owns approximately 22 million shares of Tesla, worth approximately $3.4 billion in total.

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Elon Musk speaks at a meeting in Norway

Tesla CEO Elon Musk smiles as he addresses guests at the Offshore Northern Seas 2022 (ONS) meeting in Stavanger, Norway on August 29, 2022. (Carina Johansen/Getty Images/Getty Images)

Reacting early Friday to Twitter’s recent suspension of some journalists, a European Commission official appeared to suggest that Musk or the company could face sanctions.

The suspended accounts include those of CNN correspondent Donie O’Sullivan, New York Times technology reporter Ryan Mac, Washington Post reporter Drew Harwell, The Intercept reporter Micah Lee and others, That was reported by Fox News.



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