A group of large pension funds has demanded that Elon Musk commit to work at least 40 hours a week at Tesla, calling for corporate governance reforms to address a “crisis” at the carmaker.
The letter sent to Tesla chair Robyn Denholm on Wednesday was signed by 12 long-term institutional investors including the New York City Comptroller, the American Federation of Teachers, as well as European funds such as Denmark’s AkademikerPension. Together they manage about $950bn in assets.
Musk has clashed with activist shareholders previously but the co-ordinated effort by institutional investors to put pressure on him is unusual and marks an escalation in the funds’ efforts to drive change at the company.
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