Elon Musk Just FOUGHT BACK Against Elizabeth Warren!
They have been rivals for a long time. Two rivals that enjoy fighting one another. Senator Elizabeth Warren and businessman Elon Musk are never short on ways to criticize one another. Taking advantage of Musk’s misfortunes, the former Democratic primary candidate for 2020 fired first this time. So, why is Elizabeth Warren taking a dig at Elon Musk? And what are the current updates in Twitter? Let’s find out!
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In a letter sent to Tesla’s board of directors on December 18, Elizabeth Warren accused Elon Musk of having a conflict of interest and suggesting that he may have misappropriated the company’s funds in connection with the billionaire’s $44 billion purchase of Twitter.
Sen. Elizabeth Warren (D-Massachusetts) stated, “I am writing regarding concerns that Tesla’s Board of Directors has failed to meet this legal duty with regard to the actions of Tesla’s Chief Executive Officer, Elon Musk, in the aftermath of his purchase of Twitter.”
“I have a series of questions about how the Tesla Board is dealing with conflicts of interest, misappropriation of corporate assets, and other actions by Mr. Musk that appear not to be in the best interests of Tesla and its shareholders, so that I can assess whether current law is adequate in circumstances such as these,” she continued.
She wanted to start by reminding the board that it is not their responsibility or position to defend CEO Musk; rather, it is to defend the interests of the shareholders.
“Your legal responsibility is – as Tesla’s own public commitments state — ‘to serve as a prudent fiduciary for shareholders and to oversee the management of [Tesla’s] business,’ Warren explains. “That responsibility includes ensuring that Mr. Musk is an effective CEO and that he fulfills his legal obligation to act in the best interests of Tesla and all of its shareholders, not just himself.”
“The fact that Mr. Musk was, until recently, the world’s richest man does not absolve him of those legal responsibilities or provide assurances that he will meet them. The basic structure of Mr. Musk’s deal to buy Twitter, and his actions since becoming CEO, raise a number of concerns.”
The eight-page letter from progressive stalwart Senator Elizabeth Warren comes as a revolt among individual investors has grown in recent days over their annoyance at watching Tesla’s price continue to decline in the stock market. Tesla’s market value at the time the letter was written was only a little over $474 billion, which meant that almost $640 billion in market capitalization had vanished in the previous 12 months. A 57.4% decrease from the previous year’s price, Tesla’s shares was trading at $150.23.
As of right now, it has decreased to $148.29.
According to many retail investors, Musk’s decision to focus on Twitter instead than Tesla, whose financing required him to incur $13 billion in personal debt, is substantially to blame for the current stock market meltdown.
Ross Gerber, one of Tesla’s most outspoken shareholders, blasted Elon on Twitter on December 16: “Elon has now wiped $600 bil of tesla wealth and yet nothing from the Tesla BOD.” BOD stands for Board of Directors, meaning “it’s utterly inappropriate.”
#elonmusk #elizabethwarren #twitter #twitterfiles #twitternews
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