Shares of Tesla have continued to fall and have reached their lowest point in more than two years as investors have criticized the businessman, alleging that his acquisition of Twitter is diverting him from the electric vehicle maker. One of the poorest performing equities among big automakers and tech firms this year is Tesla, the most valuable automobile in the world, as investors fear that Musk may sell additional Tesla stock to support the faltering social network startup. Investors are growing more worried that Tesla, the leading manufacturer of electric vehicles in the world, which is facing more competition, will suffer as a result of his actions.
The third-largest individual stakeholder of Tesla, KoGuan Leo, tweeted, “Elon abandoned Tesla, and Tesla has no operational CEO. The self-described Musk “fanboy” asked in a string of tweets, “Are we just Elon’s stupid bag holders?” “Tim Cook-style executioner is needed, not Elon.After dropping as much as 3.2 percent to $155.88 per share, the lowest price since November 18, 2020, Tesla shares traded down 1.4 percent. Tesla’s stock is down 55% so far this year, lagging behind GM, Ford, Apple and Amazon. They’re down about 30% since Musk bought his Twitter for $44 billion at the end of October. Without elaborating, Musk said that he would make sure Tesla shareholders benefit from Twitter over the long term. Even Tesla supporters and defenders have expressed frustration over Musk’s divisive comments.
“Elon is a great businessman” as said by Gary Black, wrote: Customers don’t want their cars in the news, he wrote in the post. I don’t want them to be embarrassed, I want them to be proud. Goldman Sachs lowered its price target for Tesla shares and its forecast for fourth-quarter shipments and gross profit on the back of weak supply and demand.
