8 State Treasurers Demand Tesla Address Concerns About Elon Musk Amid Worsening Company Turmoil

8 State Treasurers Demand Tesla Address Concerns About Elon Musk Amid Worsening Company Turmoil

Today, seven state treasurers and one state controller representing major U.S. state economies have taken the extraordinary step of challenging Tesla's board leadership, demanding urgent and decisive action to address the worsening turmoil affecting America’s workers, hurting regional economies, and undermining energy innovation. The treasurers and controller emphasize that Tesla’s board must step up now to safeguard the company’s future and protect the millions of American workers and local economies that depend on its success.

The strongly-worded letter—coordinated in partnership with Americans for Responsible Growth and signed by treasurers and a controller from California, Colorado, Connecticut, Illinois, Massachusetts, New Mexico, Vermont, and Washington—expresses "increasing concern that Tesla's recent performance signals deeper governance and leadership challenges" that threaten both shareholders and the broader economic ecosystem.

“As state treasurers, we regularly interact with stakeholders across our states, including institutional investors, industry leaders, workers, and small businesses. We are hearing increasing concern about Tesla’s direction, not only from financial professionals but from those who have looked to Tesla as a leader in clean energy innovation and American industrial renewal,” the treasurers and controller wrote in the letter. “If Tesla falters, the effects won’t be confined to shareholders—they will ripple through regional economies, workforce pipelines, and public confidence in the energy transition.”

As state financial officers, signers asked Tesla Board Chair Robyn Denholm to answer the following questions:

1. How is the Board ensuring that Mr. Musk and Tesla’s leadership team are devoting adequate time and focus to resolving recent performance issues and guiding the company’s future direction?

2. In light of the company’s underperformance, how is the Board evaluating whether executive compensation remains aligned with shareholder value and corporate accountability?

3. How does the Board plan to communicate its strategy for navigating this period of uncertainty and restoring investor and public confidence in Tesla’s leadership?

Read the full letter HERE. Those signing onto the letter include:

1. Malia Cohen, California Controller

2. Michael W. Frerichs, Illinois State Treasurer

3. Deborah B. Goldberg, Massachusetts State Treasurer and Receiver-General

4. Laura M. Montoya, New Mexico State Treasurer

5. Mike Pellicciotti, Washington State Treasurer

6. Mike Pieciak, Vermont State Treasurer

7. Erick Russell, Connecticut Treasurer

8. David L. Young, Colorado State Treasurer

To book an interview with Americans for Responsible Growth Executive Director Dave Wallack or connect with one of the state treasurers or controller who signed onto today’s letter, please email Ryan Thomas at press@focalpointstrategygroup.com.