Elon Musk doesn’t need to be Tesla’s CEO, says top shareholder, as sell-off worsens in wake of store-closure bombshell
- James Anderson, head of global equities for Baillie Gifford, said Elon Musk could take on a new role as ‘chief ideologue’
- Musk stunned staff by announcing last week that Tesla would shut most stores and shift to online-only sales, triggering a share plunge of up to 16 per cent
Tesla Inc’s largest outside shareholder says it supports Chief Executive Officer Elon Musk – but it was open to a different role for the electric carmaker’s founder, Barron’s reported on Tuesday, after Musk’s shock announcement that it was planning to shut most of its stores.
“We wouldn’t be against him having a different role,” James Anderson, head of global equities for Baillie Gifford & Co, told Barron’s. “I don’t think he needs to be CEO.”
Anderson said Musk was essential to Tesla, but suggested that the company’s founder could play some other role within the company, such as taking on a “chief ideologue” position, according to the report.
Edinburgh-based investment management company Baillie Gifford has a nearly 8 per cent stake in the company, according to Refinitiv data. Musk holds about 20 per cent.
Neither Tesla nor Baillie Gifford immediately responded to a request for comment.
