Why Tesla's third-largest shareholder thinks Elon Musk should be replaced as CEO

Tesla Elon Musk seems to be facing a lot of flak lately, accusing him of neglecting the EV company. The latest criticism comes from Leo Koguan, who is the third largest shareholder of the company with 22.7 million shares in it, which translates to around $3.6 billion. He believes that Elon Musk has actually given up on Tesla and should be replaced as the automaker's CEO. This comes immediately after Musk sold $22 million in Tesla stock this week, gaining around $3.58 billion. Tesla CEO's bumpy road with the automaker started a few months ago when the news of the billionaire purchasing social media microblogging website Twitter surfaced.

Interestingly, Koguan used to be very optimistic about Musk. He was even called a fanboy of the Tesla CEO at one point. However, now it seems the Tesla CEO has fallen out of favour, as Koguan has directly called for the Tesla founder to be removed as the EV manufacturer's CEO, and someone new should be appointed. Koguan has tweeted that Elon has abandoned Tesla and it has no working CEO. “Tesla needs and deserves to have working full-time CEO," he further wrote.

This is not the first time the Tesla CEO has unloaded a large chunk of shares from his holding in the automaker. He has been doing so for the last several months, drawing flak from Tesla investors. Selling these large chunks of Tesla stock has made Elon Musk quite unpopular among the company's investors, especially since the flamboyant industrialist took over Twitter. He has often been accused by Tesla investors of neglecting the automaker and focusing more on his newly purchased company.

Some people had speculated that the Tesla CEO sold so many shares of the EV maker specifically in a bid to fund his Twitter purchase, which he reportedly completed for $44 billion, despite changing his mind previously when he discovered many fake bot accounts registered on the platform.