Tesla (TSLA) board members have received a wake-up call letter from eight state treasurers, asking them to fulfill their duties and supervise the company’s CEO, Elon Musk.
Will they ignore this warning as well?
There have been concerns about Tesla’s board sleeping at the wheel for a while now.
Their job is to oversee Tesla’s management for the benefit of shareholders, but Tesla’s stock is down almost 40% this year while the CEO is splitting his time between 6 different companies and projects while alienating most of Tesla’s consumer base.
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Yet, the board hasn’t said a word about it.
The situation lends weight to the argument that the board is entirely under Musk’s control, which is the main point of contention in Tesla’s $55 billion CEO compensation case.
Now, eight state treasurers have joined forces to raise their concerns with the board. They wrote in a letter addressed to Robyn Denholm, chair of Tesla’s board:
We are increasingly concerned that Tesla’s recent performance signals deeper governance and leadership challenges that, if left unaddressed, could have serious consequences for the company and its stakeholders. In the first quarter of 2025 alone, Tesla’s stock declined by 36%. The company missed delivery targets, recalled a substantial number of vehicles, and experienced a surge in trade-ins for competing brands. Meanwhile, CEO Elon Musk continues to divide his attention across multiple companies and a high-profile advisory role within the federal government. These external commitments raise serious questions about whether Tesla’s leadership is fully engaged in addressing the company’s core challenges.
In the letter, the treasurers remind Tesla’s board of its duty “to provide strong oversight, uphold fiduciary standards, and ensure that the company’s leadership is aligned with the long-term best interests of the company.”
They are directly asking the board three questions:
How is the Board ensuring that Mr. Musk and Tesla’s leadership team are devoting adequate time and focus to resolving recent performance issues and guiding the company’s future direction?
In light of the company’s underperformance, how is the Board evaluating whether executive compensation remains aligned with shareholder value and corporate accountability?
How does the Board plan to communicate its strategy for navigating this period of uncertainty and restoring investor and public confidence in Tesla’s leadership?
Tesla is going to release its Q1 2025 financial results today, hold its earnings conference call, and have a “live company update.’ Maybe some of these questions will be answered.
Here’s the letter in full:
2025-04-17 Letter to Tesla Board Chair
April 17, 2025
Robyn Denholm
Chair of the Board
Tesla, Inc.
1 Tesla Road
Austin, TX 78725
Dear Chair Denholm,
We are entrusted with promoting the long-term economic health and financial stability of our states and the people we serve. Tesla, Inc. is not just one of the world’s most valuable companies—it is a major player in the clean energy economy and a leading force in emerging technologies such as robotics and autonomous driving. The company’s success or setbacks have significant implications for workers, regional industries, and innovation ecosystems in our states.
We are increasingly concerned that Tesla’s recent performance signals deeper governance and leadership challenges that, if left unaddressed, could have serious consequences for the company and its stakeholders. In the first quarter of 2025 alone, Tesla’s stock declined by 36%. The company missed delivery targets, recalled a substantial number of vehicles, and experienced a surge in trade-ins for competing brands. Meanwhile, CEO Elon Musk continues to divide his attention across multiple companies and a high-profile advisory role within the federal government. These external commitments raise serious questions about whether Tesla’s leadership is fully engaged in addressing the company’s core challenges.
We regularly interact with stakeholders across our states, including institutional investors, industry leaders, workers, and small businesses. We are hearing increasing concern about Tesla’s direction, not only from financial professionals but from those who have looked to Tesla as a leader in clean energy innovation and American industrial renewal. If Tesla falters, the effects won’t be confined to shareholders—they will ripple through regional economies, workforce pipelines, and public confidence in the energy transition.
At a moment when American industrial leadership is facing stiff global competition, it is essential that companies like Tesla are governed with focus, discipline, and clarity of mission. The Board’s role is especially critical now—to provide strong oversight, uphold fiduciary standards, and ensure that the company’s leadership is aligned with the long-term best interests of the company. Public officials like us do not take the step of raising these concerns lightly except when the obvious risks demand it.
We believe the Tesla Board has a responsibility to act decisively to ensure the company returns to a stable and focused trajectory.
We respectfully request the Board provide clarity on the following:
How is the Board ensuring that Mr. Musk and Tesla’s leadership team are devoting adequate time and focus to resolving recent performance issues and guiding the company’s future direction?
In light of the company’s underperformance, how is the Board evaluating whether executive compensation remains aligned with shareholder value and corporate accountability?
How does the Board plan to communicate its strategy for navigating this period of uncertainty and restoring investor and public confidence in Tesla’s leadership?
Finally, we strongly believe Tesla’s Board would benefit from engaging with public sector stakeholders who share an interest in the company’s long-term value and societal impact. We welcome the opportunity to speak further about these concerns and discuss how the Board can take swift and transparent action to restore investor confidence and public trust in Tesla’s leadership and the company’s future.
We welcome a response and the opportunity for continued dialogue.
Signed,
Mike Pellicciotti, Washington State Treasurer Deborah B. Goldberg, Massachusetts State Treasurer and Receiver-General Michael W. Frerichs, Illinois State Treasurer Erick Russell, Connecticut Treasurer Laura M. Montoya, New Mexico State Treasurer David L. Young, Colorado State Treasurer Mike Pieciak, Vermont State Treasurer Malia M. Cohen, California State Controller
Electrek’s Take
Tesla is a $700 billion publicly traded company that is run like a family business by Musk, who owns just 13% of the float.
It’s clear that they have a quid pro quo with Musk, whereby they receive compensation at a rate several times higher than any other similarly sized company in exchange for allowing Musk to run Tesla as if it were his private company.
While I am glad they sent this letter, I doubt that a group of state treasurers will convince Tesla’s board to do anything.
At this point, they are either completely fine with Musk destroying Tesla or they believe his claims about self-driving technology.
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John Deere is quick to point out that these new GX side-by-side utility vehicles are not golf carts. Fair enough – while they;re not quite in the same go-anywhere league as Deere’s TH 6×4 Gas or TE 4×2 Gators, the Gator GX and GX Crew offer more than enough capability to handle just about anything you’ll find on a typical campus, golf course, or job site.
To that end, the sturdy composite dump bed, comfortable and supportive high-back foam seats seem credible enough at first glance. And, if you give the new Deere UTVs a second glance, you’ll see a 367-L (13-cu ft) cargo box can haul more than 800 lbs. (~365 kg) of mulch, nursery plantings, building supplies, firewood, animal feed, or tools.
These are serious machines, in other words, ready to get down and do some serious work, but without the noise, vibration, and harmful exhaust emissions of gas.
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“The Gator GX lineup offers property owners the opportunity to increase productivity around their properties with less noise, less maintenance and more versatility,” said John Deere Go To Market Manager Eric Halfman. “These utility vehicles are intuitive and durable while offering users the comfort, reliability and convenience they expect from a John Deere Gator.”
The key component in the new GX and GX Crew is the new, 5.4 kWh, 51.2V lithium-ion battery that sends power to a high-efficiency electric drive motor with responsive torque and smooth acceleration. An onboard charger allows for convenient charging anywhere with a standard, grounded 120 outlet, eliminating the need for handling fuel or trips to the gas station and fully charging the 5.4 kWh battery over night, with more than 8 hours of continuous operation on tap that’s extendable with clever use of the new Deere’s regenerative braking.
These new electric Gators are available in classic John Deere green or grey metallic, and start at $17,499 with a whole suite of available accessories to make upfitting a breeze. The company says they’ll be available for order at your local John Deere TriGreen dealer in Q1 of 2026.
Electrek’s Take
I imagine that applying the Gator name to a vehicle that I’d call a glorified golf cart makes me feel something similar to what the Mustang guys feel whenever they see a Mach-E drive past. As such, I’ll give myself the same advice I give them: the people who make the thing decide what makes it worthy of the name, not you.
As such, I’d better get used to it. The good news there, of course, is that it seems like Deere’s latest Gator is going to be more than good enough to win me over. Eventually.
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GM has scrapped plans to build $55 million hydrogen fuel cell factory in Detroit, triggering a tsunami of headlines about the General’s future plans for hydrogen. The reality? GM isn’t scaling back its hydrogen efforts. It’s thinking bigger.
Like the great Sam Clemens, there seems to be plenty of confidence in the greater automotive press that GM’s decision to cancel a $55 millions fuel cell plant on the former Michigan State Fairgrounds site in Detroit. That plant, a JV with Southeast Michigan’s Piston Automotive, would have created ~140 jobs and built compact hydrogen fuel cells for light- and medium-duty vehicles under the Hydrotec brand.
The new Trump Administration put an end to that flow last week, however, terminating 321 financial awards for clean energy worth $7.56 billion.
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“Certainly the decisions of the DOE are an element of that overall climate but not the only driver,” explained GM spokesperson, Stuart Fowle, in a statement. “We want to prioritize the engineering talent and resources and everything we have to continuing to advance EVs given hydrogen is in a different spot.”
That spot is heavy-duty, off-highway, maritime, and data centers.
Bigger trucks, bigger fuel cells
Fuel cell semi truck; via Honda.
Instead of dying, GM is continuing on the hydrogen fuel cell it’s been on for literal decades – with no plans (publicly, at least) to shutter its Fuel Cell System Manufacturing joint-venture with Honda in Brownstown Township, MI.
That company is not just developing HFCs, they’re out there selling fuel cells today, to extreme-duty, disaster response, and off-highway equipment customers operating far enough off the grid that access to electricity is questionable and to data center developers for whom access to a continuous flow of energy is mission-critical.
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EVs are great, and can unlock more transportation convenience with the ease of charging at home. But for apartment-dwellers, this can be a complicated conversation. So a nonprofit called Forth is here to help, through its Charge at Home program.
One of the main benefits of an electric vehicle is in the convenience of owning and charging the car in the place it spends most of its time. Instead of having to go out of your way to fuel it, you just park it at home, in the same place it spends at least 8 hours a day, and you leave the house every day with a full charge.
But this benefit only applies to those with a consistent parking space which they can easily install charging at. When talking about owners who live in apartment buildings, it can sometimes get more complicated.
While certain states have passed “right to charge” laws to give apartment-dwellers a solution for home charging, apartment charging is nevertheless a bit of a patchwork solution so far.
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And as a result of this, EV ownership among apartment renters lags behind that of single-family homeowners. It’s clear that apartments are holding back people from buying EVs, and that’s bad – lots of people live in apartments, and the gas those cars use pollutes the air just as much as any other.
Certain areas where EVs have hit a point of critical mass (namely, the large California cities) have pretty good EV ownership among renters, but it could still be better. And residents are clamoring more and more for easy EV charging in apartment communities.
So, Forth, a nonprofit advocating for equitable access to clean transportation, set up a program called Charge at Home, which is meant to connect renters, apartment building owners or other decisionmakers with resources to help install chargers at multifamily properties.
The site lets you select your situation – a resident or a decisionmaker for a new or existing multifamily development – and then gives you access to tools for your specific situation, whether you be a resident and developer.
There are a lot of considerations for each of these projects, so it can be helpful to have someone with experience to help you go over it all. Personally, when talking to friends about getting an EV, charging considerations are usually the thing that takes up the bulk of the conversation.
So if the toolkits are still too daunting for you, Charge at Home is offering free charging consultations for multifamily developers, owners, property managers and HOAs.
The charging consultations will last through at least April 2026 – but it wouldn’t hurt to get your requests in soon. Forth may still offer consultations afterwards, but it all depends on funding availability (the program was previously funded by the Department of Energy, which has taken a turn). Regardless, the website will remain up for people to submit questions and find information, whether or not free consultations stick around.
But at the very least, as Forth points out, whether a multifamily development is interested in having EV charging at this moment or not, any developer should think about having the infrastructure, conduit and capacity ready to go for future install of EV chargers, and should consider the needs of current residents who are likely already considering EVs today.
It’s going to be necessary to install this capacity at some point, and doing so earlier can help save money down the line, make your development more attractive to renters today, and allow more renters to make the switch to cleaner transportation which helps air quality and to reduce climate change, both of which harm everyone on the planet.
Head on over to Forth’s Charge at Home site to get access to all the above resources – and to sign up for a consultation before the end of April if you’re a multifamily developer, owner, property manager or HOA.
Update: This article has been updated to account for an extension in program availability.
Electrek’s Take
I’ve long said that the only real problem with EVs is the problem of access to consistent charging for people who don’t have their own garage. Whether this be apartment-dwellers, street-parkers or the like, the electric car charging experience is often less-than-ideal outside of single family homes, at least in North America.
There are workarounds available, like charging at work, or using Superchargers in “third places” where you often spend time, but these still aren’t optimal. The best thing is just to charge your car wherever it spends most of its time, which is your home. When you do that, EVs outshine everything in convenience.
We’ve highlighted some projects before which showed how reasonable it can be to install charging for developments. Every project is going to have its complexities, but when you see projects like this condo complex that managed to install chargers for just $405 per parking spot, all of a sudden it becomes a no-brainer not to have EV charging.
But the fact is, there just aren’t enough apartment complexes out there which have EV charging. So if Forth’s Charge At Home program can help residents or landlords with that, it can go a long way towards solving the only real problem with EVs. Click here to check it out.
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