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On May 29, Tesla investors penned a letter to the Chairman of the Board, imploring Elon Musk to bolster his dedication to Tesla. The letter highlighted concerns over Tesla's volatile stock prices, dwindling sales, and tarnished global reputation. Investors posit that these issues are partly attributable to Musk's engagements outside of Tesla, notably his prominent role as an advisor in a specific U.S. government department. They emphasized that Tesla is amidst a crisis, partially due to Musk's perceived lack of commitment and the Board's failure to act in the best interests of shareholders. Consequently, investors demanded that the Board establish a condition wherein Musk must work at least 40 hours per week as a prerequisite for the new compensation plan.
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