Tesla's largest outside shareholder believes the automaker will be fine if the Securities and Exchange Commission decides to ban Elon Musk from his role as chief executive officer.
"We would not mind him playing another role." James Anderson, CEO of Baillie Gifford, said in an interview:
"I do not think he needs to be CEO," Anderson told Barron ; s and said the billionaire inventor could take a "chief ideologist" position.
Anderson's firm owns 7.7 percent of the electric car company, worth more than $ 3.5 billion. Only Musk has more than 20 percent more.
Last week, the SEC demanded that Musk be sentenced for a February 1
The action called on a federal judge to declare Musk until March 11 to declare himself.
The judge is mandated to oversee a SEC-tinted scheme last year that will allow Tesla to be privately funded. There was no such funding.
The SEC deal prevented Musk from being eliminated as CEO by resigning from his chairmanship and agreeing with the company's lawyers before sending Tesla-related tweets. Muses' potential role in Tesla comes as the car maker's share slipped further down the week after announcing a $ 3,000 sedan (Model 3) last week.
Tesla's shares fell 3 percent on Tuesday and dropped more than 14 percent since Thursday's last price drop.
The stock hit a hit on Tuesday after Barclays lowered its price target to $ 192 (the lowest on the road). He said that Tesla's price cuts and closures have clouded its image as an automaker's apple.
"Much of the Bull The tale was based on Tesla being the next Apple to sell high-volume EVs. , , with high gross profit margins, partially backed by a unique brand presence in retail – a narrative we see undermined by recent price reductions, "analysts Brian Johnson and Steven Hempel said in their Research Note.