Archive Photo: SpaceX and Tesla CEO Elon Musk attended the Viva Technology conference at the Versailles Exhibition Centre in Paris, France on June 16, 2023.
Gonzalo Fuentes | Reuters
Tesla CEO Elon Musk Tell Dan Ives of Wedbush Securities “shut up” Analysts made three suggestions to the board of directors of electric vehicle companies in a post on X.
Ives has been one of the most bullish Tesla observers on Wall Street. His stock target is $500, and his forecast is the highest projection of any analyst tracked by FACTSET.
But on Tuesday, Ives explain Over the weekend, he was hosting a new party called the American Party to challenge Republican candidates who voted for the spending bill they received President Donald Trump.
Ives’s position follows Nearly 7% of slides In Tesla’s stock on Monday, the stock’s market capitalization consumed $68 billion. Ives called on Tesla’s board to create a new compensation plan for Musk, which would give him 25% of the voting control and clear the roads merged with Xai, build “guardrails” to see how much time Musk spent in Tesla and provide “oversight of political efforts.”
Ives made a longer headline with other analysts at his company: “The Tesla board must take action and set basic rules for Musk; the soap opera must end.” Analysts say Musk’s formation of a new party created “a turning point in the Tesla story” that requires the company’s board to take action to control the CEO.
Still, Wedbush maintains its target price and buying advice for stocks.
“Shut up, Dan Musk wrote in response to X, although the first suggestion handed the CEO to the voting control he had long sought at Tesla.
“Eron has his opinion, I get it, but we insist on the right action of the board,” Ives wrote in an email to CNBC.
Musk’s historic 2018 CEO salary package, worth about $56 billion, has risen since then, invalid It was held by the Delaware Court last year. Judge Katherine McCormick ruled that Tesla’s board members lacked independence from Musk and failed to negotiate properly with the CEO.
Tesla has appealed the case to the Delaware Supreme Court and is trying to determine what Musk’s next compensation package should bring.
Ives is not the only Tesla Bull who criticizes Musk’s ongoing political activism.
Analysts for William Blair downgraded the stock to the stock they bought on Monday as Musk’s political plans and rhetoric and the spending bill passed by Congress could have a negative impact on Tesla’s profit margins and electric vehicle sales.
“We hope investors get tired of distractions at the moment when Musk’s attention is most needed and will only return from his tendency to politically disadvantaged aspects,” the analyst wrote. “We hope this effort will be rolled out to Robotaxi at this critical moment.”
Trump supporter James Fishback, CEO of hedge fund Azoria Partners, said over the weekend his company put off The listing of the exchange-traded fund Azoria Tesla convexity ETF will invest in stocks and options in electric vehicle companies. He started Post on X Said: “Elon went too far.”
“I encourage the board to meet immediately and ask Elon to clarify his political ambitions and to assess whether they are compatible with his full-time obligation to serve as Tesla as CEO,” Fishback wrote.
Musk said Saturday that he had formed the American Party, which he claimed will allow Americans to “support your freedom.” He has not shared formal details, including where the parties can register, how much money will be provided to the party and which candidates he will support.
Tesla’s stock is now down about 25% this year, performing poorly, and by far the worst performer in the technology giant stocks.
Musk spent much of the first half of the year working with the Trump administration and leading efforts to massively reduce the size of the federal government. His formal work with the government ended in late May before his export Public quarrel Between Musk and Trump between the spending bill and other matters.
Tesla’s board chairman Robyn Denholm and investor relations representative Travis Axelrod did not immediately respond to a request for comment.
watch: Musk’s supporter party is destined to be due to his disadvantages
