April 13 (UPI) — Tesla Motors founder and CEO Elon Musk had a message Wednesday for disconcerted investors calling for a more independent board of directors — go buy shares in Ford.
Musk shared his message on Twitter amid the investors’ criticism that the electric automaker’s board isn’t sufficiently business diverse.
“This investor group should buy Ford stock. Their governance is amazing,” he tweeted.
Monday, the group of investors wrote a letter to Tesla’s independent director acknowledging “phenomenal growth,” but criticizing the company for having too many potential conflicts of interest on the board of directors. They said the board members, which include the CEO’s brother, are too closely associated with Musk.
“Five of six current non-executive directors have professional or personal ties to Mr. Musk that could put at risk their ability to exercise independent judgement,” the letter stated. “A thoroughly independent board would provide a critical check on possible dysfunctional group dynamics, such as groupthink.”
In his remarks on social media, Musk said he has already identified the need for more independent voices to the board.
“Besides, I already said we’d add more independent members during SCTY merger,” he said. “Will announce soon, but this group has nothing to do with it.”
Earlier this month, Tesla passed both Ford and General Motors on its way to becoming the most valuable automaker in the United States.
