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Shares of Tesla, the world's most valuable carmaker, is one of
the worst performing stocks among major automakers and tech
companies this year, as investors worry that Musk's Twitter buy
could divert his time away from Tesla and he could offload more
Tesla stocks to prop up the struggling social media company.
Investors are also increasingly concerned that his antics could
hurt brand and sales of Tesla, the world's top electric carmaker
which faces increasing competition.
"Elon abandoned Tesla and Tesla has no working CEO," KoGuan Leo,
the third Largest individual shareholder of Tesla, who describes
himself of Musk's "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 traded down 1.4%, after falling as much as 3.2% to
$155.88 per share, the lowest level since November 18, 2020.
Tesla shares slumped 55% so far this year, lagging the
performances of GM, Ford, Apple and Amazon.
Musk said on Tuesday that he “will make sure Tesla shareholders
benefit from Twitter long-term," without elaborating.
Even Tesla bulls and loyal fans expressed discontent over Musk's
controversial tweets.
"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."
Goldman Sachs on Tuesday cut the price target for Tesla shares
and lowered estimates for Tesla's deliveries and gross margins
for the fourth quarter, reflecting softer supply and demand.
(Reporting by Hyunjoo Jin; Editing by Nick Zieminski)
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