Teacher Union Head Takes Fight to Elon Musk Through Tesla Stock
American Federation of Teachers President Randi Weingarten is urging top Tesla investors to review the company’s current valuation on behalf of her union’s members. Weingarten, who heads one of the largest unions in the country, penned a letter pointing to drops in Tesla's stock price, latest financial disclosures, electric vehicle competition and “deterioration” of brand as reasons for the review. The letter was sent to the CEOs of six asset managers, with the Tesla board and Elon Musk copied onto the message.
- By mobilizing investor attention, Weingarten may be attempting to apply economic pressure on Tesla to address its growing concerns among workers and consumers, potentially forcing a reckoning on the company's governance and leadership.
- How will the response from Tesla and other stakeholders, including investors and regulators, influence the long-term prospects for workers' retirement security and the sustainability of electric vehicle adoption in the United States?