Tesla’s (NASDAQ:TSLA) Board is Derelict, Has No Interest in Controlling Musk
Tesla (NASDAQ:TSLA) over the last month and more, investors, analysts, and journalists have been focused on its CEO Elon Musk.
The Big Qs: Is Elon Musk NutZ? How much legal trouble is he in after his “‘420’ buy-out funding secured” Tweet? Why are his C-suite operatives ankling?
We should be looking at the fledgling EV company’s board of directors, where are they in all this craziness?
In theory and practice the Directors are the company’s stakeholders’ representatives at the company. They are charged with oversee the active management of the company, and look out for the interests of investors. Meaning making sure the company continues as a going concern.
That IS their job, and Tesla’s directors, all friends and relatives of Mr. Musk, have and continue to fail at doing it.
“The board has been worthless,” said Lynn Turner, the former chief accountant of the Securities and Exchange Commission (SEC), in the wake of Mr. Musk’s Tweets about taking is company private in the ‘420’ sham.
Mr. Musk is THE most unconstrained, unchecked public company executive.
He raves at journalists, whistleblowers and investors who bet against Tesla’s stock. He has accusing a cave diver of being a pedophile. Last month, he publicly claimed to have funding in hand to take his company private, a claim that launched an investigation by the SEC against him and the company.
All the while, he’s admitted to getting little sleep, admits taking drugs, and been filmed smoking marijuana and drink whiskey during a talk-show interview.
Perhaps none might matter if Tesla were performing well as a business, it is not, as it has been losing massive amounts of money, struggling to ramp up production for its M3 sedan, and wasting lots of material and resources. All while hyping his achievements and making expansive promises, that never happen, to his cult of followers.
Tesla’s board is “not only out to lunch, they didn’t make breakfast or dinner,” the SEC’s Turner said.
Tesla’s directors have failed to do their jobs and the company and its shareholders are paying the price.
Notably, there is no support for the stock under 252.48.
|NASDAQ:TSLA||262.6||7 September 2018||-18.35||260.1||268.35||252.25||21,609,430|
|HeffX-LTN Analysis for TSLA:||Overall||Short||Intermediate||Long|
|Bearish (-0.28)||Bearish (-0.27)||Bearish (-0.35)||Neutral (-0.22)|