Shulou(Shulou.com)11/24 Report--

On Tuesday, New York City Auditor General Brad Lander said Tesla's board should punish CEO Elon Musk if he doesn't apologize for his anti-Semitic comments on social media platform X.

Rand manages about $946 million worth of Tesla stock for the New York City Public Retirement Fund. That money equates to about 0.1% of Tesla's shares. Rand is also the latest shareholder to call on Tesla to discipline Musk. Earlier, small investors such as Nia Impact Capital and Ross gerber, ceo of gerber Kawasaki Wealth & Investment Management, expressed concern about musk's move.

On November 15, Musk posted a post on his social media platform X involving anti-Semitic content. Rand said on Tuesday that Musk's actions caused problems for Tesla on the grounds that Tesla's business ethics rules prohibit bullying "at any organizational level."

"The real risk is that Musk's anti-Semitic comments could have a real impact on Tesla's sales performance and value," Land said.

It is unclear whether Tesla's board will take action. Tesla has previously sided with Musk in various controversies. For example, he settled fraud charges with the Securities and Exchange Commission and acquiesced in Musk's investment of time and resources in rocket maker SpaceX, brain-computer interface startup Neuralink, tunnel contractor Boring Company and social media X. Tesla also defended Musk after shareholders questioned his $56 billion compensation in court.

Tesla did not respond to questions about Rand's comments Tuesday.

Tesla shares have nearly doubled this year and are trading at roughly the same price Tuesday as before Musk's anti-Semitic comments on Nov. 15.

Musk denies being an anti-Semite. Linda Yaccarino, CEO of social media company X, also told employees that the company has been cracking down on anti-Semitic content and that "the data will tell us the truth."

Rand said Tesla's board should make it clear to Musk that he needs to take steps such as deleting posts and apologizing for them. Land added that if Musk fails to do so, Tesla's board should consider actions such as pay cuts, suspensions or firings.

"Tesla's board needs to hold him accountable, but what we need more now is to show how a person grows and changes," Land said. "

Rand acknowledged that Musk's contribution to Tesla's development could make the board reluctant to take action against him. On Monday, he sent a letter to Robyn Denholm, Tesla's board chairman, saying inaction would only show Tesla's business ethics code was "ineffective."

According to Tesla's latest proxy, Musk is the company's largest individual shareholder, with a stake of 20.6%. Proxy advisers, who advise investors on how to vote at annual shareholder meetings, have also criticized issues such as the independence of Tesla's board.

Since Musk acquired social media platform Twitter and renamed it X in October 2022, large businesses and advertisers have fled because many companies fear that reducing content censorship on the platform will lead to a sharp rise in hate speech.

In an investor earnings call Tuesday, Kristin Hull of Nia Impact Capital said Musk's comments meant that "for the first time investors have to deal with a CEO who doesn't seem to be looking for the best for their brand…so we asked the board to step in and come up with a solution." "

Last week, Nia Impact Capital asked Tesla's board to take action against Musk, such as "board censure, demotion, transfer, suspension or dismissal."

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