Tesla CFO Vaibhav Taneja is listed as the treasurer and custodian of records for Elon Musk’s newly-created political party, according to two separate, unverified filings on the Federal Election Commission’s website. Musk decried one of the filings for “America Party (AEMP)” as false and noted it had been reported to the FEC in a Monday post on X. The CFO is also listed in such roles in a separate filing for “The America Party (TAP).”
The filings, both of which are still available on the FEC’s website, appeared shortly after Musk announced his intent to form the party in the latest twist of an ongoing feud between the Tesla CEO and President Donald Trump. As well as naming Taneja as treasurer, the two filings each give the party a California address with an incorrect zip code and list a phone number that connects to Tesla’s investor relations team. Musk casting doubt on publications’ reports, however, calls to mind the contentious relationship Musk has cultivated with media in the past. Upon taking over Twitter, now X, for example, reporters infamously received poop emojis in response to queries.
The unverified filings come as Tesla continues to field increased scrutiny from both investors and consumers. Earlier this year, the electric vehicle maker’s board reportedly took steps to find a successor for Musk as CEO among ongoing headwinds, according to The Wall Street Journal. Wedbush Securities analyst Dan Ives described the move, which was denied by Tesla, as a “warning shot” at the time.
Tapping Taneja, an eight-year Tesla veteran, to serve in Musk’s newly-formed political entity could add further strain to an already fraught relationship between the CEO and EV leadership. Naming Taneja as treasurer of Musk’s newly-formed political party could potentially represent a worrying lack of boundaries between Musk’s personal goals and the professional needs of Tesla as a business: raising “serious questions about conflicts of interest and the independence of Tesla’s financial leadership,” Shawn Cole, president of executive search firm Cowen Partners told CFO Dive in an emailed response to questions regarding the filings.
After later learning about Musk’s assertion that the matter was false, Cole said that would be a “relief,” while also noting that Musk “may be retroactively trying to fix an error in judgment.”
The FEC is not able to comment on individual filings posted with the agency, a spokesperson said via email, but noted the agency does have a process to handle filings that could contain false information.
On the other hand, potentially taking a treasurer role in the newly created party could also be a sign of the high regard and trust Musk has for the CFO, Josh Crist, co-managing partner for Crist | Kolder Associates, told CFO Dive.
“Elon trusts him immensely, and thinks highly of his technical skills,” and is making use of a trusted advisor with such an appointment, Crist told CFO Dive in an email. Moreover, in his view, naming Taneja as treasurer doesn’t entail a conflict of interest: though, it would represent one if the organization was another publicly-traded entity, “I believe this is simply Elon using a trusted advisor for more,” he said.
However, naming Taneja as treasurer “could constitute a form of dual employment; one that unquestionably demands time, attention, and loyalty outside his role as CFO of Tesla, a $500+ billion publicly traded company,” Cole told CFO Dive. The unverified filings also bring up concerns that Taneja,“like many senior executives and even Tesla’s board, may not be in a position to say no to Elon; regardless of whether that’s in the best interest of shareholders,” he said. “The overlap between Musk’s personal ventures and Tesla’s executive leadership is deeply troubling.”
That relationship is “further complicated by Taneja’s recent stock sales, which against the backdrop of his increasing entanglement in Musk’s outside endeavors, highlight a troubling lack of clear boundaries,” Cole said. “It speaks to a broader shift in the expectations of modern CFOs, who are supposed to act as independent stewards of governance and capital discipline, not extensions of a CEO’s personal agenda.”
Taneja, who took Tesla’s top financial seat in August 2023, has sold millions in stock this year, after receiving a $139 million pay package for 2024, largely comprised of an equity grant, CFO Dive previously reported. The grant consisted of $113 million in stock options and approximately $26 million in stock awards.
The sales have occurred as Tesla continues to face headwinds, with the EV maker’s stock whipsawing over the past year in response to various market pressures — including impact from Musk’s political activities. Tesla’s stock price slumped by 7% following Musk’s announcement that he would be forming the America Party, according to a report by CNBC.
As well as drawing heightened scrutiny from investors and board members, Musk’s political activities have also contributed to a rise in brand hostility among consumers — with sales in key markets such as China and the European Union continuing to contract. Sales of Tesla vehicles in the EU slumped by 45% for the month of May, following a 53% decline of sales in April, according to data released by the European Automobile Manufacturers’ Association.
Tesla did not immediately respond to requests for comment.
