Tesla Investors Express Unease About Elon Musk’s Preoccupation with Twitter
Tesla Investors Express Unease About Elon Musk’s Preoccupation with Twitter, On Wednesday, Tesla (TSLA.O) shares continued to fall. They reached their lowest level in over two years as investors, including a “fanboy” of CEO Elon Musk, criticized Musk for deviating from the electric car company by purchasing Twitter.
The stock of Tesla, the most valuable automaker in the world, has underperformed other major automakers and tech firms this year due to investor concerns that Musk’s purchase of Twitter may have taken his attention away from Tesla and that he may sell more Tesla shares to help the faltering social media company.
The world’s leading manufacturer of electric vehicles, Tesla, is facing escalating competition, and investors are growing more worried that his antics could harm Tesla’s reputation and sales.
Read more: Musk Restructures Twitter’s Legal Team To Reduce Costs.
KoGuan Leo, the third-largest individual shareholder of Tesla and a self-described “Musk fanboy,” tweeted on Wednesday, “Elon abandoned Tesla and Tesla has no working CEO.”
He asked, “Are we just Elon’s stupid bag holders?” “Tim Cook-style executioner is needed, not Elon.”
Tesla stock traded at $155.88 per share, its lowest price since November 18, 2020, down 1.4% on the day after dropping as much as 3.2%.
Tesla shares have fallen 55% so far this year, underperforming GM, Ford, Apple, and Amazon (AAPL.O), as well as Amazon (AMZN) (AMZN.O).
“Elon is an excellent business executive. He will soon (if not already) understand that his divisive political views are harming how customers view $TSLA EVs, “Tesla bull Gary Black tweeted on Wednesday.
“Customers do not desire controversy surrounding their vehicles. They want to drive them with the utmost pride, not shame.”
As a result of weaker supply and demand, Goldman Sachs on Tuesday lowered its price target for Tesla stock as well as its projections for fourth-quarter deliveries and gross margins.
