Tesla’s board of directors was urged to put its foot down and rein in CEO Elon Musk after the electric car maker’s stock tanked following the mercurial mogul’s vow to launch a rival political party.
Wedbush Securities analyst Daniel Ives penned a bluntly worded note on Tuesday calling on the board to “act now” and establish formal boundaries around Musk’s political activities, warning that his increasing entanglement in Washington could threaten the company’s future.
Ives, a Tesla hawk who is known to be plugged in to the venture capital and IT communities, slammed Musk’s July 4 announcement that he will form the “American Party” after the billionaire’s public breakup with President Trump.
Elon Musk’s political activities are worrying Wall Street analysts who say it’s taking up too much of his time. Molly Riley/White House / SWNS
Calling the situation a “tipping point in the Tesla story,” Ives said the company