The head of New York City's pension funds, Brad Lander, has called for a shareholder lawsuit against Tesla, blaming CEO Elon Musk's actions for a significant plunge in the company's stock price. Lander argues that Musk's cost-cutting measures, associated with his role in the Trump administration, and perceived neglect of Tesla are damaging the company's reputation and sales. Notably, Tesla's stock value has declined by 34%, which has resulted in substantial losses for the city's pension holdings. Lander hopes that legal action could help recover losses and prompt needed changes in governance.
Tesla's stock price has significantly declined, dropping 34% from December 31 to March 28, causing major losses to New York City's pension funds.
Brad Lander claimed that Elon Musk's actions have harmed Tesla's business, accusing him of abandoning his role while promoting damaging cost-cutting measures.
The lawsuit aims to recover losses and encourage Tesla to adopt better governance and policy changes, highlighting the importance of Musk's involvement in the company.
Musk is seen as having alienated Tesla’s consumer base while focusing on personal interests like DOGE, jeopardizing the company's performance.
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