Feb 28 - Tesla (TSLA, Financial) shareholders turned up the heat on CEO Elon Musk as the automaker's stock slid about 3% on Thursday, marking its sixth consecutive session of declines and underperforming the Nasdaq tech index.
Investor ire follows Musk's recent directive aimed at federal employees, urging them to list their weekly accomplishments, a mandate reminiscent of his controversial Twitter-era approach. Shareholders have seized on his own language by taking to his social media platform, X, to ask, “What five things did you do for Tesla shareholders last week?” This sentiment underscores growing frustration amid mounting operational challenges in Tesla's core business.
Despite the stock remaining roughly 14% above its level on the day of President Trump's election, market participants are wary as first-quarter performance is widely expected to disappoint. Musk's ultimatum, which threatened resignation for non-compliance, triggered backlash from federal officials and cabinet secretaries, forcing him to backtrack on his initial remarks.
While President Trump later commended Musk's efforts to slash a trillion dollars from the government budget, shareholders remain unconvinced that his recent actions are in their best interests as pressure builds on Tesla's auto business.
