Tesla Motors CEO Elon Musk is telling investors unhappy with his unremitting control over the company to go and invest in Ford instead, reports the New York Post.
That outlet reports that five “major investment groups” urged Tesla Motors to bring on two new independent board members, and allow for annual board elections. In response, last week, Elon Musk tweeted: “This investor group should buy Ford stock. Their governance is amazing…” The tweet was likely a tongue-in-cheek reference to the fact that despite being traded publicly, the Ford family continues to retain majority control over Ford Motor Company through a tiered stock structure.
However, in a later tweet, the Tesla Motors CEO stated that he’d already pledged to add “more independent members” during the company’s merger with alternative-energy company SolarCity. But it was largely in response to the “forced” merger that the investors demanded more independent board members to begin with, the New York Post says.
At sixteen members, Ford Motor Company’s board of directors is more than twice as populous as Tesla Motors’ seven-member board. Of those 16 members, two are related to late company founder Henry Ford: William Clay (Bill) Ford Jr., and Edsel B. Ford II. The family nonetheless maintains 40% control over the company through special “Class B” stock, which has more voting power than regular stock.