Tesla’s CEO Elon Musk has been under scrutiny following a series of events that have negatively impacted the company. Musk’s comment during an earnings call in October 2023, where he stated “We have dug our own grave with the Cybertruck”, has come to fruition as every Cybertruck on American roads is now subject to a recall due to a poorly-glued accelerator pedal pad. This has led to major mockery and a recall, followed by firings and price cuts.
Tesla’s EV market share has been slipping for years, and the much-anticipated low-end $25,000 Tesla Model 2 has failed to materialize. Musk’s solution to this slip, the Cybertruck and AI-driven cybercabs, seems increasingly like a gamble. The Tesla board’s response to all this has been to push for a $50-plus billion stock package payday for Musk, a move that has been met with opposition from major shareholders.
The company is facing the same headwinds that are hitting all EV manufacturers this year, especially EV truck manufacturers in the U.S., where gas-powered auto sales are tenacious. Tesla’s stock has seen a whole year’s worth of gains wiped out under Musk’s leadership. The article suggests that Tesla might be better off without Musk at the helm.
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