Tesla Inc (NASDAQ:TSLA) CEO Elon Musk has responded to critics and investors of the company’s stock.
The boss told these critics that if they are unhappy with what the company is doing, they should buy Ford Motor Company (NYSE:F) shares instead.
The criticism comes from the fact that investors have been pushing the company to add two more directors to its board, expanding from seven members to nine.
In his letter, Musk noted that most companies would evolve from before they go public until after they launch their initial public offering (IPO), but Tesla has kept its board the same as it was before going public.
Musk mentioned five investment groups, including the California State Teachers Retirement System, Hermes Equity Ownership Services and CtW Investment Group, which encouraged Tesla to re-elect its board of directors on an annual basis..
The company is the second most valuable automotive company in the country with a market cap of $50.3 billion, which is $500 million below General Motors Company (NYSE:GM) and its market cap of $50.8 billion.
Musk added that it will eventually add more independent members of the board, but this group of investors has nothing to do with that for the time being.
TSLA shares grew 2.9% Thursday.
