{"id":299832,"date":"2025-04-05T08:26:00","date_gmt":"2025-04-05T15:26:00","guid":{"rendered":"https:\/\/sftarticles.wpenginepowered.com\/en\/?p=299832"},"modified":"2025-07-01T14:57:35","modified_gmt":"2025-07-01T21:57:35","slug":"teslas-stock-plummets-40-as-nyc-pension-funds-report-300-million-losses","status":"publish","type":"post","link":"https:\/\/cms-articles.softonic.io\/en\/teslas-stock-plummets-40-as-nyc-pension-funds-report-300-million-losses\/","title":{"rendered":"Tesla&#8217;s Stock Plummets 40% as NYC Pension Funds Report $300 Million Losses"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">New York City Comptroller Brad Lander has formally requested that the city, a significant shareholder in Tesla, initiate legal action against the electric car manufacturer and its high-profile CEO, Elon Musk.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">This unprecedented move stems from alleged breaches of fiduciary duties, which Lander argues have materially harmed shareholders, particularly the city\u2019s pension systems, <strong>which hold approximately three million shares of Tesla stock.<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In less than three months, <a href=\"https:\/\/en.softonic.com\/articles\/teslas-stock-keeps-falling-and-shareholders-are-very-worried-is-it-time-for-musk-to-leave-the-company\" target=\"_blank\" rel=\"noopener\" title=\"Tesla\u2019s stock has plummeted nearly 40%\">Tesla\u2019s stock has plummeted nearly 40%<\/a><strong>, leading to over $300 million in losses for New York City\u2019s pension funds.<\/strong><\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">My duty as Comptroller &#8211; and all the other fiduciaries of the NYC pension funds &#8211; is to protect the interests of NYC retirees. That&#39;s why today I called on the Law Department to pursue securities litigation at Tesla.<br> <br>Shareholders have the legal right to know that Tesla is\u2026 <a href=\"https:\/\/t.co\/kbHL2EJfTm\">pic.twitter.com\/kbHL2EJfTm<\/a><\/p>&mdash; Office of New York City Comptroller Brad Lander (@NYCComptroller) <a href=\"https:\/\/twitter.com\/NYCComptroller\/status\/1907177116992520237?ref_src=twsrc%5Etfw\">April 1, 2025<\/a><\/blockquote><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\">New York City Comptroller calls for legal action against Elon Musk over Tesla&#8217;s stock plunge<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Lander claims that Musk&#8217;s distractions\u2014most notably his involvement with the cryptocurrency Dogecoin and his relationship with former President Donald Trump\u2014have diverted attention away from Tesla, jeopardizing the company&#8217;s financial health and shareholder value. \u201cEver since Elon Musk took over DOGE and became best-friend-in-chief with President Trump, Tesla has suffered financially,\u201d Lander stated.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Further exacerbating the situation, <strong>Musk has been criticized for lacking a dedicated CEO since 2017, which Lander argues reflects poorly on Tesla\u2019s governance<\/strong>. The Comptroller emphasized concerns over the Tesla board&#8217;s inability to provide adequate oversight while Musk appears to neglect his responsibilities to the company in favor of other ventures, including his recent creation of xAI.<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio\"><div class=\"wp-block-embed__wrapper\">\n<iframe loading=\"lazy\" title=\"NYC Comptroller Brad Lander calls for Tesla shareholder lawsuit\" width=\"840\" height=\"473\" src=\"https:\/\/www.youtube.com\/embed\/Q3CTtXNp3Ys?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe>\n<\/div><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>This legal push echoes worries raised by Tesla shareholders last summer, who accused Musk of breaching his fiduciary duties through various actions<\/strong>, including poaching Tesla employees and diverting resources away from the company. The current lawsuit would be filed under SEC Rule 10b-5, targeting alleged material misstatements regarding Musk\u2019s role within Tesla.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cIf there\u2019s still justice in the US, I think it\u2019s inevitable that Musk will be found in breach of his fiduciary duty to Tesla shareholders\u201d, Lander asserted. The outcome of this legal action could set a significant precedent for corporate governance and CEO accountability moving forward.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>New York City Comptroller Brad Lander has formally requested that the city, a significant shareholder in Tesla, initiate legal action against the electric car manufacturer and its high-profile CEO, Elon Musk. This unprecedented move stems from alleged breaches of fiduciary duties, which Lander argues have materially harmed shareholders, particularly the city\u2019s pension systems, which hold &hellip; <a href=\"https:\/\/cms-articles.softonic.io\/en\/teslas-stock-plummets-40-as-nyc-pension-funds-report-300-million-losses\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Tesla&#8217;s Stock Plummets 40% as NYC Pension Funds Report $300 Million Losses&#8221;<\/span><\/a><\/p>\n","protected":false},"author":9317,"featured_media":298684,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","wpcf-pageviews":0},"categories":[1015],"tags":[1434,8319,1471],"usertag":[],"vertical":[],"content-category":[6849],"class_list":["post-299832","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-elon-musk","tag-ev","tag-tesla","content-category-lifestyle"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/cms-articles.softonic.io\/en\/wp-json\/wp\/v2\/posts\/299832","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cms-articles.softonic.io\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cms-articles.softonic.io\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cms-articles.softonic.io\/en\/wp-json\/wp\/v2\/users\/9317"}],"replies":[{"embeddable":true,"href":"https:\/\/cms-articles.softonic.io\/en\/wp-json\/wp\/v2\/comments?post=299832"}],"version-history":[{"count":1,"href":"https:\/\/cms-articles.softonic.io\/en\/wp-json\/wp\/v2\/posts\/299832\/revisions"}],"predecessor-version":[{"id":308120,"href":"https:\/\/cms-articles.softonic.io\/en\/wp-json\/wp\/v2\/posts\/299832\/revisions\/308120"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cms-articles.softonic.io\/en\/wp-json\/wp\/v2\/media\/298684"}],"wp:attachment":[{"href":"https:\/\/cms-articles.softonic.io\/en\/wp-json\/wp\/v2\/media?parent=299832"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cms-articles.softonic.io\/en\/wp-json\/wp\/v2\/categories?post=299832"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cms-articles.softonic.io\/en\/wp-json\/wp\/v2\/tags?post=299832"},{"taxonomy":"usertag","embeddable":true,"href":"https:\/\/cms-articles.softonic.io\/en\/wp-json\/wp\/v2\/usertag?post=299832"},{"taxonomy":"vertical","embeddable":true,"href":"https:\/\/cms-articles.softonic.io\/en\/wp-json\/wp\/v2\/vertical?post=299832"},{"taxonomy":"content-category","embeddable":true,"href":"https:\/\/cms-articles.softonic.io\/en\/wp-json\/wp\/v2\/content-category?post=299832"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}