Tesla’s Third Largest Shareholder Calls For the Ouster of Elon Musk as CEO

Tesla needs a full-time CEO. Scott Olson/Getty Images

KoGuan Leo, an Indonesian billionaire and Tesla’s third-largest individual shareholder, is calling on the electric carmaker’s CEO, Elon Musk, to step down because much of his attention has been focused on Twitter lately.

“Elon has abandoned Tesla and Tesla has no active CEO”, Leo tweeted December 14. “Tesla needs and deserves a full-time CEO.”

Leo proposed that Tesla’s board appoint a professional director, someone similar to Apple CEO Tim Cook, to replace Musk.

“Tesla is 19, ranked 4th with a 2.4% allocation in S&P,” he said in another tweet. “Elon was the proud father, Tesla grew up. It takes an executioner, like Tim Cook, not Elon.

Ko Guan Lion
Ko Guan Lion Desiree Navarro/WireImage

Leo owned about 22.6 million Tesla shares, worth $3.4 billion, and 1.23 million stock options as of August, making him the company’s third largest individual shareholder behind Musk and Oracle founder Larry Ellison, according to Bloomberg.

Leo is president and co-founder of SHI International Corp., an enterprise software company. He is the 398th richest person in the world with a net worth of $5.8 billion on Bloomberg’s Billionaires Index.

Leo says Forbes as of October 2021, he is “Elon’s fanboy”. Tesla stock was trading at its highest level at the time. Since then, it has plunged more than 60%.

Tesla's third-largest shareholder calls for ousting Elon Musk as CEO

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