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On Wednesday, Tesla stock continued to fall and reached its lowest level in more than two years as investors, including a “fanboy” of CEO Elon Musk, criticized him for being preoccupied after taking control of Twitter.
One of the worst performing stocks among major automakers and tech firms this year is Tesla, the most valuable automaker in the world.
Investors are concerned that Musk might sell more Tesla stock to help the faltering social media company.
Investors are concerned that Musk might sell more Tesla stock to help the faltering social media company.
Leo Koguan, 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.”
Are we just Elon’s ignorant bag carriers? Tim Cook-like executioner is required; not Elon Musk,” Leo wrote, referring to Apple’s CEO.
After dropping as much as 3.5%, Tesla stock ended the day down 2.6% at $155.31, its lowest price since November 18, 2020.
Tesla stock prices have fallen 60% so far this year, underperforming GM, Ford, Apple, and Amazon.
Investors are also getting more and more worried that Tesla, which is facing more competition, could suffer from his antics and lose sales and brand recognition. Even Tesla supporters and ardent supporters voiced their displeasure with Musk’s divisive tweets.
“Elon is a fantastic business executive. Gary Black, a Tesla bull, tweeted on Wednesday, “He will realize soon (if not already) that his divisive political views are harming customer perceptions of $TSLA EVs.
Customers want their cars to be controversial, not divisive. They want to be fiercely proud of them, not ashamed.
Without going into further detail, Musk stated on Tuesday that he “will ensure Tesla shareholders benefit from Twitter long-term.”
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.
What do you think of that Tesla’s stocks a two-year low dropdown? Please let us know in the comments.
