Former DOGE advisor James Fishback has sent an open letter to Tesla's board, urging them to ask Elon Musk to clarify his political ambitions and evaluate whether they're compatible with his role as CEO. Fishback's concerns stem from Musk's recent announcement about forming the "America Party," which Fishback believes could divert Musk's focus and energy away from Tesla's employees and shareholders.
*Key Points:*
- *Letter to Tesla Board*: Fishback's letter requests the board to meet with Musk and assess whether his political endeavors align with his responsibilities as CEO.
- *Concerns about focus*: Fishback believes Musk's political ambitions could undermine Tesla's mission and impact the company's performance.
- *Postponed ETF launch*: Fishback's investment firm, Azoria Partners, has postponed the launch of its Tesla ETF due to Musk's announcement, citing potential conflicts with his CEO responsibilities.
- *US Treasury Secretary's comment*: Scott Bessent, US Treasury Secretary, suggested Musk should prioritize his companies over politics, stating that the boards of directors at his companies would likely encourage him to focus on business activities.
*Impact on Tesla:*
- *Stock value*: Tesla lost $68 billion in a single day after Musk's announcement, with analysts suggesting a broader sense of exhaustion among investors.
- *Shareholder confidence*: Fishback believes Musk's announcement undermines the confidence shareholders had in Tesla's future after Musk stepped back from his role leading the Department of Government Efficiency (DOGE) [1].
