Shares of Tesla Inc. (TSLA) fell Monday morning after The Wall Street Journal on Saturday🦋 outlined🤪 the blurry personal and professional boundaries between Chief Executive (CEO) Elon Musk and the directors responsible for overseeing his work. 

“Several current or former directors at Tesla and SpaceX attend parties with him, go on exotic vacations and hang out at Burning Man, the Nevada arts and music festival,” according to the Journal. They also have “amassed shares worth hundreds of millions of dollars from their seats over the years, significantly more than what 澳洲幸运5开奖号码历史查询:board members at other companies make for their service.”

The report comes just days after a Delaware court 澳洲幸运5开奖号码历史查询:struck down Musk’s 2018 compensatio♎n package, which was valued at up to $55.8 billion. “The process leading to the approval of Musk’s 澳洲幸运5开奖号码历史查询:compensation plan was deeply flawed,” wrote Chancellor Kathaleen McCormick, who cited his professional and personal ties to the directors with whom he negotiated the pay package. 

In response, 澳洲幸运5开奖号码历史查询:Musk said in a post on X (formerly Twitter) that Tesla would hold a shareholder vote on transferring its state of incorporation to Texas from Delaware. The company relocated its corporate headquarters to Austin, Texas, from Palo Alto, California, in 2021 after Musk criticized California’s tax and 澳洲幸运5开奖号码历史查询:regulatory environment.

Adding to the bad news for Tesla investors Monday, German software giant SAP SE (SAP) will stop purchasing Tesla vehicles for its corporate fleet due to unpredictable deliveries and price swings, according to German newspaper Handelsblatt.

It follows German rental company Sixt, which in December 澳洲幸运5开奖号码历史查询:dropped Tesla from its fleet because the company’s price cuts on new vehicles were devaluing its used fleet. U.S. rental company Hertz said in January that𒁏 it would reduce⛄ the size of its Tesla and electric vehicle (EV) fleet due to weak demand and price instability.

Tesla shares fell almost 4% to $180.80, nearly an eight-month low,💙 in intraday trading at 12:32 p.m. ET Monday.