News

Tesla’s Third-Largest Shareholder Leo KoGuan Asks Elon Musk To Step Down As CEO As Stock Tumbles

Elon Musk sold off billions of dollars worth of shares in Tesla, sending the stock spiraling into its worst week since 2020. One of the electric car manufacturer’s most prominent investors is calling for Musk to resign as CEO.

Musk disclosed his sale of $3.5 billion worth of stock last week. He has sold a total of $39.3 billion in the last 13 months.

IN MEMORIAM 2022: 100 GREAT CELEBRITIES WHO DIED THIS YEAR!

The news sent Tesla stocks into a tailspin – its 16.1% decrease was the stock’s worst performance since 2020. The company’s market cap is below $500 billion for the first time since November 2020. The share price fell below $150 on Monday.

Subscribe to our free weekly newsletter!

A week of political news in your in-box.
We find the news you need to know, so you don't have to.

With shares declining, Leo KoGuan has asked Musk to step down as CEO. KoGuan is Tesla’s third largest shareholder.

“Elon abandoned Tesla and Tesla has no working CEO,” he tweeted.

Tesla shares have declined nearly 60% in 2022.

As prominent shareholders are asking Musk to step down at Tesla, Musk may also have to relinquish power at Twitter.

Musk posted a poll on Twitter, asking his following: “Should I step down as head of Twitter?”

A majority of respondents voted yes, suggesting Musk may be stepping down at Twitter in the near future.

Musk purchased the social media app for $44 billion in October, now considered one of the worst business deals in U.S. history.

As of Monday, Tesla’s market cap has plunged below $460 billion.

Ben Shimkus

Recent Posts

VIDEO: Trump Watches SpaceX Launch Alongside Elon Musk & Ted Cruz

https://youtube.com/shorts/YVrfbMZSVRE?feature=share US President-elect Donald Trump drew cheers as he arrived in Texas on Nov. 19 to watch…

2 days ago

Foreign Policy Experts Voice Concern About Trump’s Nomination Of Tulsi Gabbard For Director Of National Intelligence

After President-elect Donald Trump selected Tulsi Gabbard, a former Democratic congresswoman, as his nominee for…

3 days ago

Trump’s Pick Of Vaccine-Skeptic Robert F. Kennedy Jr. As Department of Health & Human Services Secretary Alarms Scientific Community

President-elect Donald Trump's announcement that Robert F. Kennedy Jr. will be his pick for Department…

4 days ago

VIDEO: President-Elect Donald Trump, Elon Musk & Cabinet Picks Attend UFC Fight In NYC, Crowd Chants “USA”

https://youtube.com/shorts/6CUvTmS87UM?feature=share President-elect Donald Trump arrived to cheers at an Ultimate Fighting Championship (UFC) event in…

4 days ago

Trump Pick Of Matt Gaetz For Attorney General Sends Shock Waves Through Capitol

President-elect Donald Trump's nomination of former Rep. Matt Gaetz (R-Florida) as his attorney general has sent shockwaves through…

5 days ago

VIDEO: Fights Break Out In Stand During France-Israel Match

https://youtube.com/shorts/TD8RNJl-NBk A fight broke out in one of the stands at the Stade de France…

5 days ago