January 31, 2023

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Tesla weakness continues as investors lash out at Musk By Investing.com

1 min read

© Reuters. Tesla (TSLA) weakness continues as investors lash out at Musk

By Michael Elkins

Shares of electric vehicle giant, Tesla (NASDAQ:) are down 2.66% near end of day trading on Wednesday, extending the stock’s decline to its lowest level in more than two years as investors lash out at CEO Elon Musk’s distraction from the electric car company following his purchase of Twitter.

“Elon abandoned Tesla and Tesla has no working CEO,” KoGuan Leo, the third largest individual shareholder of Tesla, and self-described Musk “fanboy” tweeted on Wednesday.

“Are we merely Elon’s foolish bag holders?” he said. “An executioner, Tim Cook-like is needed, not Elon.”

Tesla shares have slumped around 55% so far this year, but Musk said on Tuesday that he “will make sure Tesla shareholders benefit from Twitter long-term,” without elaborating.

Goldman Sachs recently cut their price target on Tesla to $235.00 (from $305.00), noting the billionaire CEO’s activity with Twitter and his outspoken comments on political topics.

“Elon is a brilliant business leader. He will realize soon (if not already) that his polarizing political views are hurting customer perceptions of $TSLA EVs,” Gary Black, a Tesla bull, tweeted on Wednesday.

“Customers don’t want their cars to be controversial. They want to be proud as hell to drive them – not embarrassed.”