Tesla stock drops as investors scrutinize board's close personal ties to Elon Musk

Tesla shares fell nearly 4% on Monday after a report highlighted Elon Musk’s personal and financial ties with members of the carmaker’s board of directors. Concerns about a lack of oversight on Musk, one of the world’s most powerful CEOs, were fueled by the revelations. Last week, a court judge criticized Musk’s pay package and questioned the independence of the board members involved in the approval process. The judge noted Musk’s extensive ties with board members and highlighted relationships with allegedly independent members. Tesla’s stock has declined by almost 30% this year.