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Tesla shareholders begin calls for Musk to be ousted

Tesla (Nasdaq: TSLA) shareholders have long voiced their lack of confidence in CEO Elon Musk, especially after his acquisition and controversial handling of X, the platform formerly known as Twitter.

Investor Jerry Braakman, president of First American Trust — which owns a meager 16,000 shares compared to Musk’s 411 million —  is now urging Tesla’s board to take decisive action, telling CNN that while he believes in free speech, spreading hatred by a CEO of a public company is unacceptable.

Braakman suggests that Tesla’s board should put Musk on leave for 30 to 60 days and mandate empathy training or therapy, emphasizing that neither wealth nor technical prowess excuses such statements.

Gerber Kawasaki CEO and president Ross Gerber, a former longtime Musk fanboy and Tesla investor, went on CNBC and called Musk’s recent behavior “absolutely outrageous” and accused him of “destroying the brand.”

You can read more on the matter here.

What’s going on?

• OpenAI Power Struggle: Employees Vs. Board Vs. Sam Altman, Explained (theDeepDive)

• Inflation Rate Slows To 3.1% In October For Canadians (theDeepDive)

• Home Sales Fell to a New 13-Year Low in October (WSJ)

• Canada Calls For Proposals For $1.5-Billion Critical Minerals Infrastructure Fund (theDeepDive)

• Ad Execs Urge X CEO to Step Down to Save Herself (from Elon Musk) (theDeepDive)

• North Koreans use fake names, scripts to land remote IT work for cash (Reuters)

• Peterborough Completes Construction of Modular Bridge Housing Community to Tackle Homelessness (theDeepDive)

• Tesla launched its own car insurance. These drivers say it's a lemon. (Reuters)

• Musk Threatens to Go ‘Thermonuclear’ with Lawsuit, Media Matters Says It’s All ‘Meritless’ (theDeepDive)

• Argentina's black market peso slides after Milei win (Reuters)

What’s the latest?

• Inflation Slows: In October, Canada's consumer price index saw a slower year-over-year increase of 3.1%, down from 3.8% in September, aligning with economists' expectations. This slowdown, largely attributed to lower gasoline prices, signals easing inflation pressures and could reinforce the Bank of Canada's decision to maintain interest rates.

• OpenAI Investors Want To Sue: Some investors in OpenAI, the company behind ChatGPT, are reportedly considering legal action against its board following the dismissal of CEO Sam Altman. Concerned about their substantial investments and the future of the company, these investors are exploring their legal options. OpenAI's unique structure, with a for-profit operating company partly owned by Microsoft and a nonprofit parent, complicates the situation.

• Ford Cuts Electric Plans: Ford Motor is reducing its investment in a $3.5 billion battery plant in Michigan, cutting its production capacity by about 43% and decreasing expected employment from 2,500 to 1,700 jobs. The adjustment is part of Ford's broader plan to scale back or delay $12 billion in previously announced EV investments, reflecting challenges such as lower-than-expected demand for EVs, supply chain issues, and technological hurdles.

• Canada’s AI Council: The Canadian Chamber of Commerce has established a Future of AI Council, co-chaired by Amazon and SAP Canada, to influence public policy on artificial intelligence. This 30-member council, which includes notable companies like Meta, Google, BlackBerry, Cohere, Scotiabank, and Microsoft, aims to advocate for the responsible and ethical development and use of AI in business. An immediate focus for the council will be analyzing Bill C-27, a proposed federal legislation intended to mitigate potential risks associated with AI technologies.

• Bad Boy Liquidation: Bad Boy Furniture Warehouse Ltd. in Ontario is liquidating its stores as part of a restructuring process, following a court order on November 17. The liquidation sales, happening across their 12 stores, are part of their response to financial challenges including high interest rates and a tight retail climate. The company, facing a $13.7 million debt to unsecured creditors, has also advised customers with undelivered furniture to seek refunds from their credit card providers.

Argentina's new unconventional president

The stock market and stuff

• Uranium Exceeds $80 for First Time in More Than 15 Years (Bloomberg)

• SEC Goes After Kraken, Sues Crypto Exchange for Failing to Register (theDeepDive)

• Siemens Energy shares down 11% as investor day underwhelms (Reuters)

• DOJ Tells Binance: Pay $4 Billion To End Legal Troubles (theDeepDive)

• Microsoft exec says OpenAI employees can join with same compensation (CNBC)

In the juniors

• Surge Battery Metals Looks To Expand Exploration At Nevada North, Submits Exploration Plan To BLM (theDeepDive)

• Alaska Energy Metals Estimates 1.55 Million Pounds Of Nickel At Nikolai In Maiden Resource (theDeepDive)

• West Red Lake Hits 27.15 g/t Gold Over 10 Metres At Madsen (theDeepDive)

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