14th December 2022

“The fall of Tesla is testament to ESG issues at the company, and how board governance is failing”

Antoine Argouges, Chief Executive and Founder of Tulipshare, commented:

“Tesla’s market value has plunged since the CEO Elon Musk’s takeover of Twitter. His performance demonstrates how the Tesla Board has failed to hold Musk accountable - it’s time for shareholders to act.

“Backed by retail investors, we are asking Elon Musk’s pay to be linked to his performance on environmental, social, and governance metrics. The latest drop in Tesla stock demonstrates how Tesla is plagued with ESG issues – it is no surprise it has happened the same year it fell off the S&P 500 ESG index.

“Tesla’s growth has not been sustainable, and in many cases, has been delivered at the expense of employees and the environment. The company has faced, and continues to face, numerous lawsuits regarding supply chain sustainability and workers’ rights.

“Tesla’s Board and its shareholders must take greater responsibility to adopt and deliver more ambitious ESG commitments – and retail investors have a vital role to play in holding them to account. Through shareholder activism, we are calling for Musk’s pay to be linked to ESG, to demand increased governance as well as delivering for the environment and worker’s rights across the economy.”

About Tulipshare

Tulipshare is a mobile app that empowers individuals to drive ethical change at public companies by becoming a shareholder. Individuals can buy shares in companies for as little as £1, and Tulipshare will leverage their collective shareholder power to influence how those companies are run.

Disclaimer

When investing your capital is at risk - meaning your investments can go up as well as down.

Tulipshare Securities Limited is an appointed representative of MJ Hudson Advisers Limited which is authorised and regulated by the Financial Conduct Authority (FRN 692447).