Elon Musk's week was capped on Friday when institutional shareholders in Tesla admonished the company's board of directors to rein in the 'over-committed' CEO.
What the letter says
"Tesla appears to be embracing a broader culture of being 'above the law,'" they wrote, adding that Tesla now faces criminal probes by the U.S. Department of Justice, the National Highway Traffic Safety Administration and California's Department of Motor Vehicles over its Autopilot technology and claims about self-driving.
Nia Impact Capital's Kristin Hull told CNBC the letter is meant as a "call to action" and she is hoping that Tesla chair Robyn Denholm will take the time to write a meaningful reply, at a minimum. "We want to see the board take their job seriously – we don't see them doing a good job at being Elon Musk's boss.
Tesla's stock price slide has a direct effect on Musk, whose personal wealth is mostly derived from his Tesla holdings, as he lost approximately $13 billion of his on-paper net worth the day after Tesla's first-quarter earnings. CNBC reached out to the Texas regional office of the U.S. Fish and Wildlife Service and the FAA for more details. A spokesperson for the FWS said the agency is now gathering information about any impacts from the explosion to habitat and wildlife in the area, and the FAA did not immediately respond to a request for comment.
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