Investor group wants to limit Musk sway in Tesla


NEW YORK — A group of Tesla shareholders has urged the electric-car maker to recruit two independent directors to add to the company’s board to limit the influence of co-founder and chief executive Elon Musk.

The shareholders, who together manage US$721 billion through public and private investment organizations, said in an April 10 letter to Tesla lead independent director Antonio Gracias that the electric car maker needed to update its seven-member board, which is largely unchanged from the days before the company went public and remains dominated by Musk allies. Since the initial public offering in 2010, the company has broadened its operations and soon faces a “defining moment in its development,” with the launch of the Model 3 sedan, Tesla’s first car aimed at the middle market, the letter said.