Statement from Comptroller Lander on Tesla’s Earnings Report

New York, NY — Comptroller Lander released the following statement in response to Tesla, Inc.’s Q1 2025 Earnings Report:

“With profits plummeting by more than 70% in the last quarter, Tesla is on the wrong track and needs to divorce itself from Elon Musk, who is too busy clear-cutting the federal government and playing buddy to EV-hater Donald Trump to focus on his duties to shareholders as Tesla’s CEO.

“That’s why today I am renewing my call to the Adams Administration and the New York City Law Department to pursue securities litigation against Tesla on behalf of New York City’s public pension systems. Today’s disastrous earnings report makes it clear: we must hold the company accountable for material governance failures, including misrepresentations in shareholder disclosures and SEC filings, and the lack of a full-time CEO.”

“The Tesla board is full of sycophants, who have failed repeatedly to perform their duty to shareholders to hold management accountable. Tesla shareholders deserve a CEO who works full-time, just like the CEO of any publicly-traded company is expected to do. Tesla shareholders deserve a CEO who is dedicated to selling EVs, rather than advancing policies that are cratering EV sales.

“As shareholders, our Office has long raised concerns with governance failures at Tesla. As early as 2017, our pension systems called on the Tesla’s Board of Directors to address critical corporate governance and leadership failures—including the absence of a full-time CEO. Last year, we filed a Notice of Exempt Solicitation opposing Musk’s outrageous pay package, the re-election of Kimbal Musk and James Murdoch to the board, and the board’s failure to ensure a full-time CEO

“We’ve idled too long with a distracted, ineffective CEO—New York City must pursue securities litigation now, before Elon drives Tesla fully off a cliff.”