Tesla's shareholders are calling for the suspension of the company's CEO Elon Musk for endorsing anti-Semitic posts on social media.
Several investors are publicly condemning Musk for promoting a post on X (formerly Twitter) that claims Jewish communities push "hatred against whites."
Jerry Braakman, CIO at First American Trust and owner of 16,000 Tesla shares as of Sep. 30, urged fellow investors to suspend Musk for 30 to 60 days.
Braakman believes that there is "no excuse" for Musk, the CEO of a public company, to promote hate speech.
Other investors urge Tesla's board to hire a firm to evaluate Musk's "terrible behavior" toward the company.
Musk earlier called the post the "actual truth" and lashed out at the Anti-Defamation League, a civil rights group against anti-Semitism.
Despite the backlash, Tesla recorded a 10% increase in its shares after a fall on Thursday.
Who are Tesla's Investors and Board of Directors?
As CEO of the company, Musk holds the largest share of the EV automaker. By the end of March, Musk holds a 13% stake in the company or approximately $96 billion.
That is equivalent to 411 million shares in Tesla.
Tesla's board is led by Musk, his younger brother Kimbal, the Denholm Group, Robyn Denholm, James Murdoch, and venture capitalist Ira Ehrenpreis. All are close associates of Musk.
Nell Minow, ValueEdge Advisors vice chair and Tesla shareholder said she has "no confidence whatsoever" that Tesla's board is willing to hold Musk accountable.
In the past days, Denholm, Tesla's chair, has not responded to their CEO's actions.
Elon Musk and Anti-Semitic Content
Musk's other companies have felt the brunt of the billionaire's posts in the last few days.
Several companies, including Disney, NBC Universal, Paramount, and IBM, have suspended advertisements on X after their promoted content appeared near pro-Nazi and anti-Semitic posts.
The US government also criticized Musk, describing his actions as an "abhorrent promotion of antisemitic and racist hate."
Musk has since threatened to file a "thermonuclear lawsuit" against brands exiting the platform.
Related Article : Elon Musk Will File 'Thermonuclear Lawsuit' Over Advertisers Loss on X
