'Obvious risks': 8 state treasurers confront Tesla chair over Elon Musk’s ability to lead

Tesla/SpaceX/X.com leader Elon Musk is, like his close ally, President Donald Trump, a highly polarizing figure in U.S. politics. And Musk's political activities, including his work with his Department of Government Efficiency (DOGE) in the United States and his support of Europe's far-right Alternative For Germany party, aren't helping Tesla from a business standpoint: the company is being targeted for boycotts and protests in the United States and other countries.

According to the European Automobile Manufacturers Association, sales of Tesla's electric vehicles fell by 49 percent during the first two months of 2025.

Now, according to Bloomberg News reporter Dana Hull, the treasurers of eight U.S. states — including California's Malia Cohen and Illinois' Michael Frerichs — are voicing their concerns to Tesla chair Robyn Denholm in an open letter.

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Hull, in an article published on Tuesday, April 22, reports, "The overseers of funds and investments for California, Illinois and half a dozen other states cite Tesla's sagging stock, disappointing first-quarter deliveries and surge of trade-ins by vehicle owners as being among their causes for concern…. The letter — pulled together in coordination with the advocacy group Americans for Responsible Growth — heaps more pressure on Tesla and Musk ahead of the company releasing first-quarter earnings results after the close Tuesday."

In their letter, the eight state treasurers told Denholm, "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."

Cohen, Frerichs and the six others urged Tesla's board of directors to take action.

"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," the state treasurers write. "Public officials like us do not take the step of raising these concerns lightly except when the obvious risks demand it."

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Read the full Bloomberg News article at this link.