NYC to sue Tesla over Elon Musk’s alleged breach of fiduciary duties
New York City Comptroller Brad Lander has asked the city, which is a major Tesla shareholder, to sue Tesla and CEO Elon Musk over alleged breaches of fiduciary duties.
Lander asked the New York City Law Department to pursue securities litigation against Tesla on behalf of the New York City pension systems, which owns 3 million shares in Tesla.
The comptroller said:
“Ever since Elon Musk took over DOGE and became best-friend-in-chief with President Trump, Tesla—where Musk is supposed to be CEO—has suffered financially, causing enormous losses for Tesla shareholders. In less than three months, Tesla stock has lost nearly 40% of its value, with losses over $300 million for the New York City pension systems. We have long expressed concerns that the Tesla board has failed to provide independent oversight, or to require that Musk – or someone else – serve as a full-time CEO. Now, it appears that material misstatements from Tesla misled investors about his role at the company. That’s why I’m calling on the Law Department to file securities litigation: because Elon Musk is so distracted that he’s driving Tesla off a financial cliff and taking down shareholder value with it.”
It echoes other recent concerns regarding Musk’s fiduciary duties to Tesla shareholders.
Last summer, Tesla shareholders sued Tesla over an alleged breach of fiduciary duty regarding Musk’s AI funneling threats.
In the lawsuit, the shareholders argue that Musk has breached his fiduciary duties to Tesla shareholders by funding xAI, a private AI company, poaching Tesla employees, threatening not build AI products at Tesla unless given more control over the company, and for funneling resources from Tesla to his private companies.
Now, the NYC comptroller is piling on by adding that Tesla and Musk have been misleading about the CEO’s role at the company over the last year:
Despite stating in Tesla’s December 2024 SEC filing that “We are highly dependent on the services of Elon Musk, Technoking of Tesla and our Chief Executive Officer” and claiming that he “spends significant time with Tesla,” Musk has clearly abandoned Tesla in favor of DOGE and President Trump’s MAGA mission. By wreaking havoc on the Inflation Reduction Act, he is taking actions that are harmful to the market for electric vehicles. In addition, he alienated Tesla’s consumer base, causing Tesla’s vehicle sales to severely decline. Since 2017, the New York City pension systems have put the Tesla Board of Directors on notice over concerns regarding corporate governance and leadership, including the lack of a full-time CEO.
As a representative of a major shareholder in Tesla, Lander has officially asked New York City’s law department to file “a 10b-5 shareholder lawsuit against Tesla, on behalf of the New York City pension systems, for their material misrepresentations regarding the leadership of the company.”
Electrek’s Take
If there’s still justice in the US, I think it’s inevitable that Musk will be found in breach of his fiduciary duty to Tesla shareholders.
There are so many examples from poaching Tesla employees for his private companies, to threatening not to build AI products, which he claimed were critical to Tesla, to literally funneling resources from Tesla to xAI.
And now he makes this deal with himself for xAI to buy X.
I expect that he will push for Tesla to invest in xAI at Tesla’s upcoming shareholders meeting right after he artificially inflated the price with an overpriced acquisition of Twitter – for a second time.
It’s all madness. I would think that the breach of fiduciary duties would be fairly clear, but with the lack of checks and balances in the US these days, I’m not sure justice will prevail.
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EV tire specialist ENSO has launched a new premium range of ultra-high performance (UHP) tires designed for passenger electric vehicles. Soon, US drivers of EVs from Tesla and other high-performance models will be able to purchase this new tire range as ENSO significantly expands its product lineup.
ENSO is a UK-based company that hails itself as the “world’s first tire company dedicated exclusively to EVs.” Like many EV automakers its tires support, the company utilizes a direct-to-consumer sales model to help reduce a customer’s total cost of ownership while providing tires that extend EV range and reduce pollution.
In the fall of 2024, ENSO signed a strategic international partnership with Uber to provide its EV rideshare drivers with low-emission tires. As the only Certified B-Corporation in the tire industry (a highly-polluting one), ENSO uses more sustainable methods to help transform the global economy, benefiting all people and the planet they inhabit.
To carry on this mission, ENSO has unveiled a new Premium line of EV tires engineered specifically for the unique demands of all-electric driving. Better yet, these new tires are coming to the US soon.
ENSO to launch new premium EV tire line in UK and US
According to a release from ENSO this morning, its new Premium line of EV tires are now available to customers in the UK before these go on sale to US drivers this summer. The ultra-high performance tires are A/A EU-labeled, meaning they carry the highest rating for energy efficiency and wet grip performance.
According to ENSO, its Premium EV tires also deliver the highest energy efficiency and safety in their class. They will help customers like Tesla Model 3 and Model Y owners save on TCO, tire pollution, manufacturing emissions, and reduced energy consumption while driving. Per ENSO co-founder and CEO Gunnlaugur Erlendsson:
ENSO’s mission has always been to accelerate EV adoption by making tires that enhance rather than compromise electric performance. With ENSO Premium, we’re plugging a long-standing gap in the tire market by offering EV drivers a purpose-built, affordable, premium and sustainable EV tire alternative that matches the innovation of their EV. We engineered ENSO Premium for the specific needs of EVs. from instant torque to regenerative braking. We’re delivering a tire that not only performs well but also helps EV drivers get more miles from every charge.
When designing its Premium EV tires, ENSO says it looked to match its drivers’ performance and sustainability values, specifically noting Tesla models. The tires were designed to reduce rolling resistance, extend range, and take longer to wear out than traditional tires, especially given the higher weight of EV models due to large battery packs. The result is a tire that enables fewer charging stops, lower energy consumption, and less overall tire pollution – ideal factors for the growing segment of sustainable electric mobility.
This summer, US drivers will be able to purchase the Premium line of EV tires at wholesalers, independent retailers, and directly through the company website.
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The BP logo is displayed outside a petrol station that also offers electric vehicle recharging, on Feb. 27, 2025, in Somerset, England.
Anna Barclay | Getty Images News | Getty Images
Oil giant BP is bracing itself for a shareholder backlash at its annual general meeting (AGM) on Thursday, with a chorus of disgruntled investors planning to voice their concerns over the firm’s green strategy U-turn.
A planned resolution on the reelection of outgoing BP Chair Helge Lund has been billed as an opportunity for investors to signal discontent on climate change, corporate governance and the influence of U.S. hedge fund Elliott Management.
Britain’s beleaguered energy major, which has lagged behind more hydrocarbon-focused industry peers in recent years, has sought to resolve something of an identity crisis by launching a fundamental reset.
Seeking to rebuild investor confidence and boost near-term shareholder returns, BP in February pledged to slash renewable spending and ramp up annual expenditure on its core business of oil and gas.
The strategy reset was broadly welcomed by energy analysts, and BP CEO Murray Auchincloss has since said the pivot attracted “significant interest” in the firm’s non-core assets.
British asset manager Legal & General, a leading shareholder in BP with a roughly 1% stake, said it intends to vote against Lund’s reelection on Thursday — a position that would defy BP’s management recommendation.
Legal & General cited dissatisfaction over major revisions to the firm’s energy strategy, alongside BP’s decision not to allow a shareholder vote on the new direction.
Legal & General’s plans align with those of international asset manager Robeco, U.K. pension funds Nest and Border to Coast, as well as activist investors including Dutch group Follow This — all of which have indicated they will vote against Lund’s reelection.
Norway’s gigantic sovereign wealth fund and a number of U.S. pensions funds, however, have reportedly said they will back Lund’s reelection. Proxy advisors Institutional Shareholder Services and Glass Lewis have also recommended a vote in favor of Lund, according to Reuters.
It paves the way for a shareholder showdown at BP’s AGM, with observers closely monitoring the level of investor opposition to Lund’s reelection. Historically, votes against the chair of BP have remained under 10%.
A BP spokesperson declined to comment when contacted by CNBC.
Energy transition plans
BP’s renewed focus on oil and gas comes at a time when the London-listed energy firm is firmly in the spotlight as a potential takeover target. British rival Shell and U.S. oil giants Exxon Mobil and Chevron have all been touted as possible suitors.
“We value the significant steps BP has taken in recent years regarding its climate-related commitments and efforts, which we have supported through extensive and constructive dialogues, aimed at creating long-term value as the climate transition unfolds,” Legal & General’s investment stewardship team said on April 11.
Murray Auchincloss, chief executive officer of BP, during the “CERAWeek by S&P Global” conference in Houston, Texas, on March 11, 2025.
Bloomberg | Bloomberg | Getty Images
“However, we are deeply concerned by the recent substantive revisions made to the company’s strategy as announced at the 2025 Capital Markets Day on 26 February, coupled with the decision not to allow a shareholder vote on the newly amended climate transition strategy at the 2025 AGM,” they added.
Legal & General said BP’s announcement earlier this month that Lund will step down, likely next year, was viewed “positively,” but ongoing unease about the firm’s succession plan means it intends to vote against the AGM resolution.
Five years ago, BP became one of the first energy giants to announce plans to cut emissions to net zero “by 2050 or sooner.” As part of that push, BP pledged to slash emissions by up to 40% by 2030 and to ramp up investment in renewables projects.
The company scaled back this emissions target to 20% to 30% in February 2023, saying at the time that it needed to keep investing in oil and gas to meet global demand.
Robeco said in its rationale that BP had refused to repeat a so-called “Say on Climate” vote for its strategy revision, despite previously requesting shareholder support for the firm’s previous and “more ambitious” transition goals.
“We have unsuccessfully requested such a consistent feedback mechanism several times, including in a public letter alongside other investors with GBP 5 trillion in assets under management,” said Michiel van Esch, head of voting at Robeco.
“As a result, we have growing concerns over the company’s resilience through the energy transition, and over the consistency of its approach to climate governance, leading us to vote against the chairman and chair of the safety and sustainability committee,” he added.
Governance concerns
Elliott Management, for its part, is widely thought to be putting pressure on BP to minimize low-carbon investments and prioritize oil and gas. It emerged recently that the activist investor has built a near 5% stake in BP, making it one of the firm’s largest shareholders.
Activist shareholder Follow This, which has a long history of pushing for Big Oil to do more to tackle climate change, said the need to vote against Lund had not disappeared following news of his looming departure. The group added that investors concerned with good governance should voice their dissatisfaction.
“Voting against the board is the only way for shareholders to express their dissent over BP’s refusal to allow a vote on its strategy U-turn,” Mark van Baal, founder of Follow This, said in a statement.
“Now, the board has unilaterally changed course without asking shareholder support with a vote. This raises serious governance concerns. It seems BP’s leadership is afraid of its own shareholders,” he added.
Shares of BP are down nearly 10% year-to-date.
Luxury is a tough concept to pin down, but being constantly connected to work, kids, and telemarketers ain’t it. Genesis gets it, and its latest ultra-luxe off-road concept ditches screens in favor of the view out the windshield – and it’s got enough off-road chops to promise two things about those views: they’re real, and they’re spectacular!
Genesis calls its new X Gran Equator concept an elegant overlander for the modern explorer that marries on-road sophistication with off-road resilience. Whatever they call it, the 4×4’s dashboard is delightfully free from sweeping touchscreens, mood lighting, and any hint of telephonic integration.
Indeed, the interior looked so much like something from the 90s that I double and triple-checked the date on the press release. But don’t take my word for it, check it for yourself.
It’s fantastic
If you zoom in, you can see screens in the instruments. High-definition roll and pitch displays, altimeters, and probably other outdoorsy, overland-y things that the sort of people who want to do that in what would surely be a very well-appointed six-figure SUV for a similarly very well-heeled buyer.
And that buyer? They wouldn’t miss the screen, because the screen doesn’t matter. The real show is out the front windshield – and if someone from the office calls to interrupt the vibe, you won’t even know. I know I’d pay extra for that … and I can’t imagine I’m alone.
This is how Genesis explains it:
Inside, the X Gran Equator Concept orchestrates contrast between analog architecture and digital technologies, crafting a space that feels both functional and evocative. At the center of the cabin is a four-circle display cluster on the center stack, inspired by the vintage camera dials. The interior design features contrasting colors and shapes, with a preference for geometric over organic elements. The dashboard’s linear architecture and absence of decorations focus the driver’s attention on the journey, while swiveling front seats and modular storage solutions enhance practicality.
Genesis didn’t provide pictures of those swiveling seats or modular storage compartments on this concept, but the X Gran Equator Concept will make its in-person debut April 18th at the Genesis booth during the 2025 New York International Auto Show.
After the show, the company will move the concept to a display at Genesis House New York in the Meatpacking District, where it will stay “in residence” until the end of July. If you’re out that way for either event, take a picture of it and tag Electrek on Instagram!
Genesis X Gran Equator photo gallery
SOURCE | IMAGES: Genesis.
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