Tesla stock declines as critics decry Musk’s Twitter obsession
- Tech News
- December 16, 2022
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Tesla shares have fallen to their lowest level as a result of investors criticising Musk for being preoccupied with Twitter.
SAN FRANCISCO: Tesla shares continued to fall on Wednesday, reaching their lowest level in more than two years, as investors, including a “fanboy” of CEO Elon Musk, criticised Musk’s diversion from the electric vehicle manufacturer in the wake of his acquisition of 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 the company and that he may sell more company 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 will harm Tesla’s reputation and sales.
KoGuan Leo, the third-largest individual shareholder of the company and a self-described “Musk devotee,” tweeted on Wednesday, “Elon abandoned Tesla and the company has no operational CEO.”
He asked, “Are we just Elon’s stupid bag holders?” “Tim Cook-style executioner is needed, not Elon.”
Company 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%.
Since the beginning of the year, company stock has fallen 55%, underperforming GM, Ford, Apple, and Amazon.
In a statement on Tuesday, Musk promised to “ensure company shareholders profit from Twitter in the long run, “without adding more.
Even company supporters and ardent supporters voiced their displeasure with Musk’s divisive statements.
“Elon is an excellent business executive. He will soon (if not already) understand that his divisive political ideas are harming how customers regard $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 dropped its price target for Tesla stock as well as its projections for fourth-quarter deliveries and gross margins.
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