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Tesla Shares Decline As Investors Criticize Musk's Twitter Activity

Aria Thomas

Dec 15, 2022 10:59

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On Wednesday, Tesla (NASDAQ:TSLA) shares reached their lowest level in more than two years as investors, including a "fanboy" of CEO Elon Musk, criticized Musk's diversion from the electric vehicle firm after his purchase of Twitter.


Tesla, the most valuable automaker in the world, has been one of the worst performing stocks among major automakers and tech companies this year. Investors are concerned that Musk's purchase of Twitter could divert his attention away from Tesla, and that he may sell more Tesla shares to prop up the struggling social media company.


Investors are also growing concerned that his actions could harm the reputation and sales of Tesla, the leading electric vehicle manufacturer in the world, which is facing increased competition.


KoGuan Leo, who identifies himself as Musk's "fanboy," tweeted on Wednesday, "Elon abandoned Tesla and Tesla has no working CEO." Leo is the third-largest individual stakeholder in Tesla and sees himself as Musk's "fanboy."


"Are we simply Elon's naive bagmen?" he asked. A Tim Cook-like executioner is required, not Elon.


After plunging as much as 3.2%, Tesla shares traded down 1.4% to $155.88 a share, the lowest level since November 18, 2020.


Tesla shares have declined 55% so far this year, underperforming GM, Ford, Apple (NASDAQ:AAPL), and Amazon.com.


Musk stated without elaboration on Tuesday that he will "ensure Tesla shareholders receive long-term benefits from Twitter."


Even Tesla bulls and devoted fans were dissatisfied with Musk's inflammatory statements.


"Elon is an incredibly gifted business leader. Gary Black, a Tesla bull, tweeted on Wednesday, "He will learn soon (if not already) that his controversial political views are affecting customer perceptions of $TESLA EVs."


"Clients do not want their automobiles to be controversial. They want to be damned proud to drive them, not ashamed."


Tuesday, Goldman Sachs (NYSE:GS) decreased its price target for Tesla shares and its expectations for the company's fourth-quarter deliveries and gross margins due to weaker supply and demand.

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