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Third-largest Tesla stock owner says Elon Musk should step down as CEO

Indonesian billionaire KoGuan Leo, the third-largest individual shareholder of electric vehicle manufacturer Tesla, is demanding CEO Elon Musk step down. 

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

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Dr. Leo KoGuan attends 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 abandoned Tesla and Tesla has no working CEO,” Leo wrote Wednesday on Twitter. “Tesla needs and deserves to have working full time CEO.” 

Ticker Security Last Change Change %
TSLA TESLA INC. 150.23 -7.44 -4.72%

Leo went on to suggest that the Tesla Board of Directors was obligated to look for a replacement. The billionaire suggested that Musk be given the opportunity to find and name his own successor with the independent supervision of the board.

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Tesla

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

He added, “Elon was the proud father, Tesla has grown up. An executioner, Tim Cook-like is needed, 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 meeting in Norway

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

An official with the European Commission reacted early Friday to Twitter’s recent suspension of some journalists, appearing 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, Fox News reported.

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